QatarEnergy has announced a 10-year naphtha supply agreement with Japan's Marubeni Corporation to provide up to 1.2 million tonnes per annum to the Japanese company from October 2023.

The agreement was signed by QatarEnergy, for and on behalf of Qatar Petroleum for the Sale of Petroleum Products Company Ltd. (QPSPP), and Marubeni Petroleum Co. Ltd, a subsidiary of Marubeni Corporation, state news agency QNA reported.

The agreement builds on the five-year naphtha sales agreement signed in 2018, which expires in September 2023.

In remarks at the Tokyo Green Transformation Week (Tokyo GX Week), Energy Minister Saad bin Sherida Al Kaabi said: “Natural gas is vital for a balanced and realistic energy transition.”

"Natural gas will be indispensable, especially given its reliability as a base-load source for many nations and for many years post-2050," he added on  X, the platform formerly known as Twitter,

Tokyo GX Week, is a special event organized by Japan’s Ministry of Economy, Trade and Industry to promote green transformation.

(Reporting by Brinda Darasha; editing by Seban Scaria)