Qatarenergy, KPC Sign 15-Year Deal For LNG Supply Of Up To 3MTPY To Kuwait
Date
8/26/2024 2:02:29 PM
(MENAFN- Gulf Times) QatarEnergy entered into a 15-year LNG Sale and Purchase Agreement (SPA) with Kuwait petroleum Corporation (KPC) for the supply of up to 3mn tons per year (MTPY) of LNG to Kuwait.
Pursuant to the terms of the SPA, the contracted LNG volumes will be delivered ex-ship to Kuwait's Al-Zour LNG Terminal onboard QatarEnergy's conventional, Q-Flex, and Q-Max LNG vessels, starting in January 2025.
The agreement was signed during a special ceremony held in Kuwait City by HE the Minister of State for energy Affairs, Saad Sherida al-Kaabi, who is also the President and CEO of QatarEnergy, and Shaikh Nawaf Saud al-Nasir al-Sabah, Deputy Chairman and CEO of KPC.
The signing was witnessed by senior executives from KPC and QatarEnergy.
In remarks on this occasion, Minister Aal-Kaabi welcomed the signing of the agreement and said:“I am pleased to be in Kuwait, a country that is dear to our hearts, and to build a new long-term partnership between KPC and QatarEnergy, that constitutes a central element in supporting Kuwait's sustainability goals particularly in the electricity generation sector. It also reflects our commitment to support the future needs of all our clients, foremost of which is KPC.”
Al-Kaabi added:“Our bilateral relations continue to grow and achieve the aspirations and interests of our peoples under the wise leadership of His Highness Sheikh Tamim bin Hamad al-Thani and His Highness Sheikh Meshal al-Ahmad al-Jaber al-Sabah, which underlines the deep brotherly ties and the long-term partnership between Kuwait and Qatar.”
“This new agreement is the second long term LNG SPA with KPC, and is considered pivotal in further boosting bilateral trade between the State of Qatar and the State of Kuwait,” QatarEnergy said Monday.
Qatar is one of the world's top liquefied natural gas producers alongside the United States, Australia and Russia.
In February, Qatar announced plans to expand its output from its North Field project, saying it will boost capacity to 142mn tonnes per year before 2030.
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