Qatar’s Tasweeq, IOC ink LPG supply contract
New Delhi   24-Dec-2010

Qatar International Petroleum Marketing Company (Tasweeq) has signed a contract for long-term supply of LPG to IndianOil. The contract was signed at IOCL's headquarters in New Delhi between IOC Chairman Brij Mohan Bansal and Tasweeq Acting CEO Saad Al-Kuwari on December 15. However, the details were only revealed yesterday.

Senior representatives from both companies were present at the signing ceremony. Liquefied Petroleum Gas (LPG) is a versatile commodity produced from natural gas and crude oil and is used for heating, as well as feedstock for petrochemicals, besides other uses.Qatar is one of the largest producers of LPG in the world and India has the highest growing demand for LPG worldwide.

Tasweeq said it aims to expand into new markets across the globe to reduce its dependence on traditional export destinations.

Speaking at the signing ceremony, Al-Kuwari said, "It has been a long negotiation process between the two parties and we have finally reached an agreement.

"With this contract, Tasweeq has added a valuable market to its portfolio... making Tasweeq less dependent on Qatar's traditional LPG markets." Bansal said the contract is considered a huge step forward in cooperation between India and Qatar in the energy sector.