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Kuwait signs long term LNG Gas Deal with Qatar

Kuwait signs long term LNG Gas Deal with Qatar

State-owned Kuwait Petroleum Corp on Sunday signed a long-term contract with Qatar Petroleum to purchase three million tonnes of liquefied natural gas per year

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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.

The new agreement will run for 15 years starting in 2022 when the new $3 billion LNG receiving terminal at Al-Zour Port, in the south of Kuwait, becomes operational, a statement issued by the two companies said.

Kuwait, a key Opec producer pumping some 2.7 million barrels of crude oil per day, uses natural gas imports for power generation and petrochemicals industry.

Maritime Business World 

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