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ENOC & Tasweeq Contract for Supply 20-Kbd of Condensate

Source: www.gulfoilandgas.com 2/3/2013, Location: Middle East

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Emirates National Oil Company (ENOC) has signed a contract with the Qatar International Petroleum Marketing Company Ltd. (Tasweeq) for the supply of 20 kbd (thousand barrels per day) of condensate for its Jebel Ali refinery.

The annual contract underlines the commitment of ENOC to explore new condensate suppliers to ensure a steady supply of refined products and meet the growing domestic requirement for fuel products in Dubai.

The contract was signed between Tayyeb Al Mulla, Managing Director Supply, Trading and Processing, ENOC and Saad Abdulla Al Kuwari, Chief Executive Officer of Tasweeq.

Tayyeb Al Mulla said “ENOC and Tasweeq are long-term partners, with ENOC being the first to off-take condensate from the Qatari organisation during the start of the Dolphin and North Field projects in 2007. Building on the relations, ENOC has been regularly receiving condensate from Tasweeq to partially meet the needs of its condensate splitter in the UAE.”

Saeed Khoory, Chief Executive Officer of ENOC said “We are committed to identifying new sources of condensate for the optimal operations of our refinery. Further strengthening our established partnership with Tasweeq, the new contract will add to our operational efficiencies and enable us to meet the growing demand for fuel products in Dubai.

“To meet our business and organisational growth goals, we are looking to strengthen the volume of spot cargo from third-party suppliers in the Gulf region and Far East to manage our import pipeline in line with governmental guidelines.”

Saad Abdulla Al Kuwari added: “We are honoured to strengthen our partnership with ENOC. We share strong synergies with the company, and the new contract highlights the growing role of Tasweeq in supporting the requirements of our partners in the Gulf region as well as other international markets.”

With a capacity of 120,000 barrels per stream day (bpsd), ENOC’s refinery in Jebel Ali processes condensate or light crude oil to yield refined products such as naphtha, jet fuel, reformate, diesel oil, fuel oil and LPG for local and export markets. The products add to the company’s local supply chain as well as for exports.

ENOC diligently adheres to all prevailing laws and regulations to ensure that its business is conducted in line with applicable sanctions, and has been continually studying the sourcing of alternative economically viable condensate feedstocks for its refinery in Jebel Ali.

As a result of various steps implemented by the management, ENOC has imported 20 percent less Iranian condensate in the second half of 2012 compared with the first six months of the year. One of the challenges in managing the crude imports was the availability of alternate grades in required volumes and prices.

By exploring partnerships with new suppliers, ENOC is highlighting its commitment to continually optimise its refinery operations, adherence to the highest ethical standards in all operational aspects and creation of long-term value.

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