Wednesday, 29 January , 2020     |     994      |      +      |     

Kuwait & Qatar enter into long-term LNG agreement

Kuwait & Qatar enter into long-term LNG agreement :

Kuwait Petroleum Corporation (KPC) and Qatar Petroleum entered into a long term Sale and Purchase Agreement for the supply of up to three million tons per annum of Liquefied Natural Gas (LNG) to the State of Kuwait.

In a press statement, the agreement was signed by Dr Khaled Al-Fadhel – the Minister of Oil and the Minister of Electricity and Water, the Chairman of the Board of Kuwait Petroleum Corporation (KPC) and 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.

Dr Al-Fadhel 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.”

On his part, Al-Kaabi 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.

The KPC was established in 1980 as an umbrella under which all activities of the Kuwaiti oil sector belong and are fully owned by the state. Its activities include exploration, production and refining operations inside and outside Kuwait, marketing, petrochemicals and maritime transport.

Qatar Petroleum is an integrated national oil company that stands at the forefront of efforts to develop and exploit oil and gas resources in Qatar in the long term.

Its activities cover the various stages of the oil and gas industry locally, regionally and internationally.

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Category: #Business, #Gulf News, #Qatar | 2020/01/29 latest update at 11:38 AM
Source : KUNA | Photocredit :
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