QatarEnergy has entered into a five-year crude oil supply agreement with Shell PLC (NYSE:SHEL) Shell International Eastern Trading Company, Singapore.

The arrangement involves the supply of up to 18 million barrels per annum of Qatar Land and Qatar Marine crude oils to Shell beginning in January 2024. 

Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: "We are delighted to sign our first ever five-year crude sales agreement. This agreement further strengthens QatarEnergy's relationship with Shell, which is not only a reliable crude oil off-taker, but also a major customer and a strategic partner of QatarEnergy."

Also Read: Shell Eyes Multibillion-Dollar Investments In Nigeria: Report

QatarEnergy and Shell have a long-standing strategic partnership through several shared investments in the energy industry in Qatar and globally, including QatarEnergy LNG projects, the Pearl GTL Plant, and several other joint investments.

Also Read: Oil Giant Versus Activists - Shell Sues Greenpeace Over Protest: Report

Price Action: SHEL shares are trading lower by 0.26% at $65.96 on the last check Thursday.

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