- QatarEnergy and Kuwait Petroleum Corporation (KPC) have signed a 15-year LNG Sale and Purchase Agreement, with QatarEnergy supplying up to 3 million tons per annum of LNG to Kuwait starting January 2025.
- The agreement was formalized in a ceremony in Kuwait City, attended by prominent figures including HE Eng. Saad bin Sherida Al-Kaabi of QatarEnergy and HE Shaikh Nawaf Saud Al-Nasir Al-Sabah of KPC.
- The LNG deliveries will be transported using QatarEnergy’s conventional, Q-Flex, and Q-Max LNG vessels to Kuwait’s Al-Zour LNG Terminal.
- The deal marks the second long-term LNG contract between QatarEnergy and KPC, reinforcing the strategic partnership and bilateral trade between Qatar and Kuwait.
QatarEnergy and Kuwait Petroleum Corporation (KPC) have formalized a significant 15-year LNG Sale and Purchase Agreement (SPA) for the supply of liquefied natural gas (LNG).
Under this agreement, QatarEnergy will deliver up to 3 million tons per annum (MTPA) of LNG to Kuwait. The deliveries will commence in January 2025 and will be transported to Kuwait’s Al-Zour LNG Terminal using QatarEnergy’s conventional, Q-Flex, and Q-Max LNG vessels.
The agreement was officially signed in Kuwait City during a special ceremony. The ceremony was attended by key figures including HE Eng. Saad bin Sherida Al-Kaabi, the Minister of State for Energy Affairs and President and CEO of QatarEnergy, and HE Shaikh Nawaf Saud Al-Nasir Al-Sabah, Deputy Chairman and Chief Executive of KPC. Senior executives from both companies were present to witness the historic signing.
Strategic Partnership and Benefits
HE Al-Kaabi expressed enthusiasm about the agreement, emphasizing its importance for both nations.
He highlighted the mutual benefits of the partnership, noting that it will play a crucial role in supporting Kuwait’s sustainability goals, particularly in the electricity generation sector. The agreement underscores QatarEnergy’s commitment to meeting the future energy needs of its clients, with KPC being a central partner in this endeavor.
Al-Kaabi also spoke about the strengthening of bilateral relations between Qatar and Kuwait. He noted that the agreement reflects the ongoing growth and aspirations of both countries under the guidance of their leaders, HH the Amir Sheikh Tamim bin Hamad Al Thani of Qatar and HE Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah. This collaboration highlights the deep-rooted and enduring ties between the two nations.
Importance of the Agreement
This new LNG SPA marks the second long-term contract between QatarEnergy and KPC, signifying a crucial step in enhancing the bilateral trade between Qatar and Kuwait.
The agreement not only reinforces the strategic partnership between the two entities but also contributes to the broader energy goals and economic development of both countries.
By securing this long-term LNG supply, both Qatar and Kuwait are poised to benefit from a stable and reliable energy source, further solidifying their positions in the global energy market. This deal highlights the ongoing commitment of both nations to advancing their energy sectors and achieving their respective sustainability objectives.
Overall, the agreement between QatarEnergy and KPC represents a landmark development in the energy sector, fostering deeper cooperation and delivering substantial benefits to both countries.
