Kuwait considers importing Iranian natural gas

Kuwaiti Oil Minister Dr Ali Al-Omair said that his country is still considering the prices of the gas he wants to import from Iran, pointing out that no agreement has so far been signed.

Speaking following the ministerial meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna yesterday, he said Kuwait had received an Iranian proposal and it is currently studying it.

He continued: “We have not yet agreed on the price, quantity or the supplying method.”

The Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah visited Iran last week. The visit was the first of its kind since the Iranian Islamic Revolution in 1979.

During the past two months, Kuwait signed three agreements guaranteeing its import of about 2.5 million tonnes of liquefied natural gas annually from Shell, Qatar Gas and British Petroleum (BP).

Kuwait, a member of OPEC, needs the gas to run its power plants, which face increasing pressure during the very hot summer months.

The country imports about five million tonnes of liquefied natural gas during the summer, between April and October of each year.

According to the 2013 BP Statistical Report, Iran has the largest reserves of natural gas in the world, 18 per cent more than Russia and Qatar.

Iran produced 10 million tonnes of liquefied natural gas in 2013 and plans to produce up to 75 million tonnes in 2015.