Qatar Petroleum has signed an agreement to supply 200,000 metric tons a year of light naphtha to Japanese conglomerate Marubeni for a period of five years.
Image: Qatar Petroleum signs light naphtha sale agreement with Marubeni. Photo: courtesy of Qatar Petroleum.
The light naphtha sale agreement signed by Qatar Petroleum, on behalf of the Qatar Petroleum for the Sale of Petroleum Products Company (QPSPP), comes into effect from January 2019.
Qatar Petroleum president and CEO Saad Sherida Al-Kaabi said: “We are pleased to sign the third naphtha long term sales agreement to Marubeni Corporation. This agreement does not just strengthen our relations with Marubeni, but also reflects our strengthened ability to produce and export Naphtha to the Asian market safely and reliably.”
“Our cooperation with Marubeni is decades old, we have built a trusted relationship together across the energy spectrum; and we will continue to work with them and all our business partners to increase Qatar’s global energy footprint.”
The previously signed long-term agreements between the companies for the supply of naptha were both concluded and came into effect in October 2018. The two five-year sales agreements are for 1.2 million metric tons a year of the commodity.
Marubeni president and CEO Fumiya Kokubu said: “This latest Naphtha sales agreement, being part of the three recently concluded long term naphtha deals, affirms the high level of trust and co-operation as the cornerstone of the relationship between our organisations, and will enable both organisations to deliver a reliable and quality product.”
Qatar Petroleum and Marubeni jointly started their naphtha business more than three decades ago.
The two companies are also partners in Qatargas 1, which produces and exports nearly 10 million tons of LNG per annum, and the two Ras Laffan-based condensate refineries – Laffan Refinery 1 and 2, which have a combined processing capacity of 292,000 barrels per day.
The Laffan Refinery 2, which entered into production in December 2016, produces petroleum products like naphtha, Jet-A1, Ultra low Sulfur Diesel (ULSD), and LPG. It was built near the Laffan Refinery 1, which has been in production since 2009 with a processing capacity of 146,000 barrels per day.