(MENAFN) Qatar International Petroleum Marketing Co, (Tasweeq) announced it is planning to renew its contract to supply condensate to the United Arab Emirates for next year, Gulf Business reported.
Under the current contact, Tasweeq supplies three cargoes a month to the UAE, two to Dhabi's Emirates National Oil Company (ENOC) and one to Abu Dhabi's National Oil company (ADNOC), with each cargo containing 500,000 tons of condensate.
ENOC, which was the biggest buyer of Iranian condensate in 2012 when its imports rose to an average of 127.000 barrels per day (bpd), compared to 106.000 bpd in 2011, began importing condensate from Qatar last year to replace sanctioned Iranian oil.
Qatar said that it expects a drop in its condensate exports to 350.000 tons per annum in 2017, compared with the current 500.000 tons a year, as well as announcing that the phase two of the Ras Laffan refinery will come online by the end of 2016.
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