Kuwait, Qatar extend 15-year LNG supply agreement
Date
8/26/2024 7:33:43 AM
(MENAFN) Kuwait petroleum Corporation (KPC) and Qatar energy Company (QE) have formalized a long-term agreement for the import of liquefied natural gas (LNG), under which KPC will receive up to 3 million metric tons annually over the next 15 years. The agreement was signed by Sheikh Nawaf Saud Al-Nasser Al-Sabah, Vice Chairman and CEO of KPC, and Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs and CEO of Qatar Energy. The signing ceremony, held at KPC's headquarters, was attended by senior officials from both nations’ oil sectors, highlighting the continued strengthening of their bilateral energy cooperation.
The new agreement builds upon a previous 2020 deal in which Qatar began supplying KPC with 3 million metric tons of LNG annually starting in 2022. Sheikh Nawaf Al-Sabah emphasized the strategic importance of this extension, which reflects the robust and evolving energy partnership between Kuwait and Qatar. He highlighted that this extension not only reinforces the countries' commitment to mutual energy interests but also aligns with Kuwait’s broader energy transformation strategy aimed at 2050. The agreement is expected to bolster Kuwait’s efforts to secure sustainable and reliable energy supplies while addressing environmental concerns.
The import of LNG under this agreement is anticipated to play a crucial role in Kuwait’s efforts to transition to cleaner energy sources. By utilizing LNG, KPC aims to reduce harmful emissions and enhance air quality, particularly in electricity generation. This commitment to cleaner energy is in line with Kuwait's strategic objectives to minimize its environmental footprint while ensuring a stable energy supply for its future needs.
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