Qatar Petroleum announces two 5-Year Naphtha Sale Agreements with Japan’s Marubeni Corporation
DOHA, Qatar • 3 October 2018 - Qatar Petroleum, for and on behalf of Qatar Petroleum for the Sale of Petroleum Products Company (QPSPP), has concluded two 5-year sales agreement to supply Japan’s Marubeni Corporation an annual total of 1.2 million metric tons of Naphtha starting from October 2018.
The agreements are the largest and longest to be concluded with Marubeni Corporation since both parties started their naphtha business together over three decades ago.
Marking this achievement, the President and CEO of Qatar Petroleum, Mr. Saad Sherida Al-Kaabi said: “This contract will further enhance the strategic partnership and relationship between Qatar Petroleum and Marubeni Corporation. Both our entities have been working together for decades and have enjoyed a fruitful partnership.”
Mr. Al-Kaabi said “The State of Qatar is a trusted supplier of energy to Japan, and through cooperation with partners like Marubeni Corporation, we can help meet Japan’s growing need for energy products.”
Mr. Fumiya Kokubu President and CEO, Member of the Board of Marubeni Corporation reiterated the sentiment saying “This long term contract with Qatar Petroleum will not only respond to the growing Petrochemical Feedstock demand in Japan and Asia, but is also “win-win” business model for the both of us. This deal validates Qatar Petroleum and Marubeni Corporation as strategic partners who continue to add value to their existing investments in LNG, Refineries and Power Plants.”
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 tons 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 Mesaieed Independent Power Plant, 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 Marubeni Corporation to reliably supply a variety of end users in Japan.