Qatar has agreed to supply Shell in Singapore with up to 18 million barrels of oil a year for five years in what the Gulf state’s energy company said was its first ever five-year crude sales deal.

QatarEnergy said it had agreed with Shell International Eastern Trading Company to supply up to 18 million barrels each year of Qatar Land and Qatar Marine crude oils starting in January.

“We are delighted to sign our first ever five-year crude sales agreement. This agreement further strengthens QatarEnergy’s relationship with Shell,” QatarEnergy Chief Executive Saad Sherida Al-Kaabi said in a statement.
Source: Reuters (Writing by Alexander Cornwell. Editing by Jane Merriman)