Mubasher: Qatar Petroleum (QP) on Tuesday announced that it has signed a five-year agreement with China’s Oriental Energy to directly supply the company with 600,000 metric tonnes of Liquefied Petroleum Gas (LPG) per year.
The contract will come into force by January 2019, according to the Qatari state-run firm’s statement.
“We hope this deal will further enhance our energy relationship with China, as we place greater importance to meeting the needs of the world’s largest growing LPG market,” Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, said.
The agreement was signed between Qatar Petroleum for Sale of Petroleum Products Company Ltd. (QPSPP) and Oriental Energy (Singapore).
“Through this first step, we hope to build a strong and sustainable relationship with Qatar Petroleum and to continue exploring other areas in which Qatar Petroleum and Oriental Energy can further collaborate on,” Yan Jia Sheng, vice-president of Oriental Energy, commented.
It is worth noting that Oriental Energy (Singapore) is a subsidiary of Oriental Energy and is responsible for the Chinese firm's procurement, trading, and logistics activities.
Oriental Energy has five major LPG importing terminals along with several petrochemical facilities.
