State-owned Kuwait Petroleum Corp yesterday signed a 15-year agreement with Qatar Petroleum to import three million tonnes of Liquefied Natural Gas each year starting from 2022.
The agreement was signed by Kuwait Minister of Oil and Minister of Electricity and Water, Chairman of the Board of Kuwait Petroleum Corporation, Khaled Al-Fadhel, and Qatar Minister of State for Energy Affairs, President and CEO of Qatar Petroleum Saad Sherida Al- Kaabi, during a special ceremony held in Kuwait City.
Under the agreement, LNG shipments will start arriving in Kuwait when the Al-Zour Port is operational in 2022.
A member of the Qatar Petroleum Board of Directors, Othman Al-Yafei, said this is one of the largest LNG agreements in the Gulf and discussions had started at the end of 2018.
“The agreement will open wider opportunities for cooperation between Qatar and Kuwait, and enhance bilateral relations and bonds of sustainable joint cooperation between them in a manner that best serves the interests of the Qatari and Kuwaiti people,” he said.
Al-Kaabi said the agreement will “contribute to enhancing Qatar’s distinguished relations with Kuwait and at the same time reflects the strength of our partnership and commitment to supporting Kuwait’s growth.”
“The agreement extends Qatar’s long-standing LNG supply relationship with Kuwait well into the 2030s and highlights our commitment to meeting Kuwait’s LNG requirements,” he added.
Kuwait’s Oil Minister, Al-Fadel said: “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.”