Kuwait Signs 15-yr LNG Gas Deal with Qatar
State-owned Kuwait Petroleum Corp signed a 15-year agreement with Qatar Petroleum to import three million tonnes of liquefied natural gas (LNG) each year starting from 2022.
The agreement was signed by Dr. Khaled A. Al-Fadhel, the Minister of Oil and the Minister of Electricity & Water, the Chairman of the Board of Kuwait Petroleum Corporation and His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, during a special ceremony held in Kuwait City.
Under the 15-year agreement, LNG deliveries to Kuwait’s new world-class LNG receiving terminal at Al-Zour Port will commence in 2022 to support meeting Kuwait’s growing energy needs and demand, particularly in the power generation sector.
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum welcomed the signing of the agreement and said, “We are pleased and proud to join hands with Kuwait Petroleum Corporation, and we look forward to providing reliable LNG supplies to our brothers in the State of Kuwait for decades to come.”
“This agreement extends Qatar’s long standing LNG supply relationship with Kuwait well into the 2030’s and highlights our commitment to meeting Kuwait’s LNG requirements. We are confident that the exceptional reliability of our LNG supplies will provide KPC with the required flexibility and supply security to fuel the State of Kuwait’s impressive growth,” Al-Kaabi concluded.
On his part, Dr. Khaled A. Al-Fadhel, the Minister of Oil and the Minister of Electricity & Water, the Chairman of the Board of Kuwait Petroleum Corporation said, “The state of Kuwait is embarking on an ambitious path of economic growth, which requires cleaner energy sources such as natural gas that will contribute to reducing emissions and improving local air quality. Whilst KPC is working towards increasing local natural gas production, there remains a pressing need to secure imports of natural gas supplies.”
This agreement reinforces the solid brotherly relationship between Kuwait and Qatar and further strengthens the ties between Kuwait Petroleum Corporation and Qatar Petroleum., said the release.