New Delhi
In a recent development, QatarEnergy has inked a significant five-year crude oil supply deal with Shell International Eastern Trading Company, Singapore, a subsidiary of Shell.
Commencing in January 2024, this landmark agreement entails the supply of up to 18 million barrels per annum of Qatar’s indigenous crude oils, including Qatar Land and Qatar Marine, CNBC reported.
Expressing his enthusiasm, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, said: "We are delighted to sign our first-ever five-year crude sales agreement," CNBC quoted him as saying.
Emphasising the broader significance, he added, "This agreement further strengthens QatarEnergy’s relationship with Shell, a major customer and a strategic partner. Our historic relationship with Shell extends beyond mere transactional interactions to deeper, more strategic cooperation."
While the recent deal marks a new chapter in the ongoing collaboration between QatarEnergy and Shell, the roots of their relationship run deep, nurtured over the years through shared investments in the energy industry.
Key joint ventures include QatarEnergy LNG projects, the Pearl GTL Plant, and various other substantial investments, showcasing the synergies derived from combining QatarEnergy’s resources with Shell’s global energy expertise.
This strategic move aligns with QatarEnergy's overarching strategy to expand its global footprint and solidify its standing as a leading energy supplier.
By bridging Qatar's local resources with Shell’s extensive international market reach, this agreement sets a precedent for future long-term partnerships in the dynamic and competitive global energy market.
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