Qatar Petroleum, for and on behalf of Qatar Petroleum for the Sale of Petroleum Products Company (QPSPP), concluded a five-year sales agreement to supply Japan’s Marubeni Corporation an annual total of 200,000 metric tonnes of light naphtha, from January 2019.
The agreement is the third such agreement to be concluded with Marubeni Corporation since both parties started their naphtha business together over three decades ago. The two previous long-term naphtha sales agreement with Marubeni Corporation were concluded in 2018.
Marking this achievement, Minister of State for Energy Affairs and Qatar Petroleum President and CEO Saad Sherida Al Kaabi, said the agreement does not just strengthen their relations with Marubeni, but also reflects on their 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.’
Marubeni Corporation President and CEO and Member of the Board Fumiya Kokubu was also very pleased with the recent deal. He said that Qatar Petroleum and Marubeni Corporation are strategic partners who continue to find ways to cooperate together in the energy industry.
This latest naphtha sales agreement, being part of the three recently concluded long-term naphtha deals, affirms the high level of trust and cooperation between our organisations, and will enable us both to deliver a reliable and quality product. With our strong mutual understanding, I am confident that we will have even more opportunities to work together with Qatar Petroleum.’
Qatar Petroleum and Marubeni Corporation have a long-standing strategic partnership through several shared investments in the energy industry. This includes Qatar Liquefied Gas Company Limited (Qatargas 1), which produces and exports about 10 million tonnes of LNG per annum, and the two Ras Laffan-based condensate refineries, Laffan Refinery 1 and 2, which have a combined daily processing capacity of 292,000 barrels.
In addition, Marubeni Corporation and Qatar Petroleum are investors in the Qatar-based 2000-MW independent power plant, the Mesaieed Power Company Ltd (MPCL). Marubeni Corporation is the largest petrochemical feedstock trading entity and aggregator in Asia. It has received continuous and stable supplies of various grades of naphtha from Qatar since 1986, which has enabled it to reliably supply a variety of end-users in Japan.
For more information about Qatar Petroleum, visit their website at qp.com.qa.
