May 26, 2018

Kuwait signs contract to import 2.5m tonnes of gas annually

Kuwait’s state-run oil firm has signed contracts to import 2.5 million tonnes of liquefied natural gas a year through 2020 to meet the emirate’s needs, a company official said on Thursday.

OPEC member Kuwait is rich in crude oil but its natural gas production is too small to meet its needs, which surge during the heat of the summer when power consumption soars.

Kuwait Petroleum Corp. signed contracts with British Petroleum and Royal Dutch Shell to buy one million tonnes a year from each company, its marketing chief, Nabil Buresli, told the official KUNA news agency.

It signed a third contract with Qatar Gas to import half a million tonnes a year. Buresli did not provide details of the value of the contracts. He said that after 2020, KPC plans to sign long-term contracts of up to 15 years to import 6-7 million tonnes of LNG a year. Read more 

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