Skip to content Skip to Search
Skip navigation

QatarEnergy signs 5-year crude supply deal with Shell

By Pramod Kumar
PIF will acquire a 25% stake in Alkhorayef Petroleum through capital infusion and subscription to new shares Reuters/Ahmed Jadallah
The average realised prices stood at $51 per barrel for condensate in 2023

State-owned QatarEnergy has signed a five-year crude supply agreement with Shell in Singapore.

The company will supply up to 18 million barrels of Qatar Land and Qatar Marine crude oils each year to Shell International Eastern Trading Company starting in January.

“We are delighted to sign our first-ever five-year crude sales agreement. This agreement further strengthens QatarEnergy’s relationship with Shell,” QatarEnergy CEO Saad Al Kaabi said in a statement.

In April, QatarEnergy agreed with British oil and gas company Shell to acquire a 40 percent working interest in the C-10 block located offshore Mauritania.

Qatar is the world’s largest LNG supplier and plans to expand output to 126 million tonnes annually by 2027 from 77 million tonnes under the two-phase North Field expansion project.

Latest articles

SJP's chief investment officer Justin Onuekwusi, second from right, at the event in Dubai. Other speakers included, from left, Ben Powell of the BlackRock Investment Institute, Angelina Lai of SJP Asia and Middle East, and Robert Willock of the Economist Intelligence Unit

Wealth manager seeks Gulf growth despite setbacks in UK

St James’s Place, the UK’s largest wealth manager, plans to target local customers to expand its one-year-old Gulf operation as it seeks to brush off reputational setbacks in its home market. In February SJP disclosed that it had set aside more than $500 million for potential client refunds after an increase in complaints about its […]

A FlyDubai Boeing 737 Max. The airline's CEO says Boeing is 'fantastic' but he has sent inspectors to the manufacturer's facilities

Boeing’s ‘negative issues’ are top concern for FlyDubai CEO

Escalating regional tensions and recent floods in Dubai have “not especially” affected FlyDubai’s operations, but the low-cost airline’s chief executive said he was closely monitoring US plane maker Boeing’s response to a string of safety scandals.  “We are definitely very concerned about the delays and all the negative issues that are in the pipeline or […]

A KFC outlet in a Dubai mall. It accounts for about two-thirds of Americana's sales, but has been hit by boycotts

Americana profit tumbles as Gaza boycotts hit sales

Americana Restaurants International’s revenue and profit fell again in the first quarter of this year as Mena diners continue to shun western brands in protest at the conflict in Gaza. Americana, which runs 2,456 fast-food outlets across the region, reported a 16.3 percent reduction in revenues year on year, to $493.5 million.  Net profit fell […]

Lucid cut the price of its flagship Air model in February by as much as 10 percent

Lucid cuts electric car prices but posts higher revenue

Saudi-backed US electric vehicle maker Lucid reported first-quarter revenue above analysts’ estimates this week as it sets to produce more cars this year but selling at cheaper prices to spur sales.  The Nasdaq-listed EV company had cut prices of its flagship Air sedans in February by up to 10 percent, as customers globally began to […]