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Qatargas and Kuwait Petroleum in 4-year deal to supply half million tonnes of LNG per annum

Qatar Liquefied Gas Company Limited (2) (Qatargas 2) and Kuwait Petroleum Corporation (KPC) have executed an agreement to supply half a million tonnes of Liquefied Natural Gas (LNG) to Kuwait over the next four years, starting from March 2016.

The LNG will be sourced from Qatargas 2, a joint venture between Qatar Petroleum, ExxonMobil and Total which started production in 2009, and will be delivered onboard Q-Flex LNG Vessels, chartered by Qatargas, to KPC's Mina Al-Ahmadi LNG receiving terminal in Kuwait.

Mr. Saad Sherida Al-Kaabi, Qatargas Chairman of the Board, said "the agreement consolidates the position of Qatargas as the LNG partner in the GCC region and the Middle East, and enhances its established global position."

Mr. Al-Kaabi added that "the conclusion of this agreement cements the positive and mutually beneficial trade relations between the Qatari and Kuwaiti energy sectors, and enhances the position of the State of Qatar as a safe and reliable supplier of clean energy to all corners of the world."

Commenting on the agreement, Khalid Bin Khalifa Al-Thani, Qatargas Chief Executive Officer, said: "The signing of this agreement with KPC is another significant step in demonstrating Qatargas' capability to reliably and efficiently lead the supply of LNG to the Middle Eastern emerging energy markets. This deal demonstrates the eagerness to strengthen and expand our relationship, and Qatargas' readiness to meet KPC's future demand for LNG."

Kuwait's LNG delivery season typically would start from March and extend to November of each year, to meet Kuwait's growing demand for power during peak summer months.  Qatargas has been supplying Kuwait with the majority of its LNG requirements for the past five years through both direct sales to KPC and through third parties who have made deals with both Qatargas and KPC.

As for other Middle Eastern markets, Qatargas has been supplying LNG to Dubai since 2008 and has delivered a commissioning cargo to Jordan in May 2015.

 

Source: Qatargas

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