QatarEnergy signed a long-term condensate supply agreement with Dubai based Emirates National Petroleum Corporation. This 10-year sales agreement involves supplying up to 120 million barrels of condensate to Enoc starting this month. We are very happy to sign this long-term condensate sales agreement to further strengthen the relationship between QatarEnergy and Enoc, which can be traced back to 2008, said Saad Al Kaabi, State Secretary of Qatar Energy Affairs and President and CEO of QatarEnergy.

We look forward to helping our partners further achieve growth and development based on our historic working relationship and trust in Qatar's condensate exports. Condensate mainly appears as a byproduct of natural gas production, used for processing refined products such as petroleum, jet fuel, diesel, and heating fuel. The agreement with QatarEnergy will strengthen the cooperation and partnership between the two organizations, said Saif Al Falasi, CEO of Enoc Group. We recognize the role we play in contributing to the continued success of the United Arab Emirates through collaboration with global government entities.

According to the data of QatarEnergy, the North Oil Field covers an area of more than 6000 square kilometers, equivalent to about half of Qatar's land area and accounting for 20% of the world's total natural gas reserves.

In July, QatarEnergy signed the second major natural gas supply agreement with China in less than a year. The state-owned company and China National Petroleum Corporation signed a 27 year agreement to deliver 4 million tons of liquefied natural gas annually. PetroChina has also entered the eastern expansion project of the liquefied natural gas project in Qatar's North Oilfield.

According to the International Energy Agency, as Europe scrambles to ensure supply to replace Russian natural gas, global LNG trade will reach a high of US $450 billion in 2022. Despite the increase in demand, the supply of liquefied natural gas only increased by 5.5% in 2022, mainly due to the maintenance of large export terminals. Enoc owns and operates assets in the fields of exploration and production, terminals, fuel retail, aviation fuel, and petroleum products, and has been expanding its business.

In 2022, Enoc signed a preliminary agreement with Japanese heavy industry manufacturer IHI to explore the establishment of a low hydrocarbon and ammonia plant in the United Arab Emirates.

The Dubai Media Office stated in a statement in November that the produced fuel will be exported to Japan and supplied in the United Arab Emirates and wider regions for refueling and other purposes. In February, Enoc collaborated with the Dubai Electricity and Water Authority to develop and operate a joint comprehensive pilot project on the use of hydrogen in transportation. The two companies stated that the proposed project will leverage Dewa's existing green hydrogen production center in Mohammed bin Rashid Al Maktoum Solar Park, as well as Enoc's understanding of the fuel market and customer base.Editor/XingWentao