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Kuwait Petroleum Corporation signs agreement with Qatar Energy to import 3 million tons of liquefied gas

26-08-2024

Kuwait Petroleum Corporation (KPC) signed a long-term liquefied natural gas (LNG) sale and purchase agreement with Qatar Energy Company on Monday, under which Qatar Energy will supply Kuwait with about three million tons of LNG annually for 15 years starting from the beginning of next year. The agreement was signed on behalf of KPC by Vice Chairman and CEO Sheikh Nawaf Saud Al-Nasser Al-Sabah, while it was signed on behalf of the Qatari side by Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy Saad Al-Kaabi. In a press conference held on the sidelines of the signing ceremony, Sheikh Nawaf Al-Sabah stressed the great importance of this agreement, which is built on the foundation laid by the two sides in 2020 when they signed their first agreement, under which the Qatari side will supply the corporation with about three million metric tons of liquefied natural gas for 15 years starting in 2022. He stated that signing the second agreement of its kind in a short period with (Qatar Energy) reflects the strength of bilateral relations between the two brotherly countries in all fields, including energy, and embodies the commitment of the Kuwait Petroleum Corporation to secure reliable and sustainable energy supplies in line with its strategy for energy transformation by 2050. He stressed the keenness of the Petroleum Corporation to meet the state's needs for clean energy to generate electricity in particular, noting that the use of liquefied natural gas will contribute to reducing harmful gas emissions and will improve air quality in the local environment. For his part, Al-Kaabi said in the press conference that this long-term partnership between the Kuwait Petroleum Corporation and (Qatar Energy) constitutes a pivotal element in supporting the sustainability goals of the State of Kuwait, especially in the field of electricity generation. Al-Kaabi stressed Qatar Energy’s commitment to supporting the future needs of all customers, most notably Kuwait Petroleum Corporation. According to the new agreement, LNG shipments to the LNG facility at Al-Zour Refinery are scheduled to begin in early 2025. This agreement will be a major step that confirms the strength of the energy sector in the region in general and the expertise and excellence of Kuwait Petroleum Corporation and Qatar Energy in particular.