QatarEnergy signs 15-year LNG deal with Kuwait Petroleum Corp

27 Aug '24

2 min read

QatarEnergy signs 15-year LNG deal with Kuwait Petroleum Corp

Pic: QatarEnergy

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QatarEnergy has signed a 15-year agreement with Kuwait Petroleum Corporation to supply up to 3 million tons of LNG annually to Kuwait starting in January 2025.
The LNG will be delivered to Kuwait's Al-Zour Terminal using QatarEnergy's fleet.
This agreement strengthens bilateral ties and supports Kuwait's sustainability goals, particularly in electricity generation.

QatarEnergy entered into a 15-year LNG Sale and Purchase Agreement (SPA) with Kuwait Petroleum Corporation (KPC) for the supply of up to 3 million tons per annum (MTPA) of LNG to the State of Kuwait.

Pursuant 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 His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, 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, His Excellency minister Al-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.”

His Excellency Minister 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.