In a press release posted on its web site on Monday, QatarEnergy introduced that it had entered right into a 15-year LNG Sale and Buy Settlement (SPA) with Kuwait Petroleum Company (KPC) for the provision of as much as three million tons every year (MTPA) of LNG to Kuwait.
Underneath the deal, the contracted LNG volumes can be delivered to Kuwait’s Al-Zour LNG Terminal on QatarEnergy’s Q-Flex and Q-Max LNG vessels from January 2025, the assertion outlined.
The settlement was signed throughout a particular ceremony held in Kuwait Metropolis by Saad Sherida Al-Kaabi, the Minister of State for Vitality Affairs and the President and CEO of QatarEnergy, and Shaikh Nawaf Saud Al-Nasir Al-Sabah, the Deputy Chairman and CEO of KPC, the assertion famous.
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“I’m happy to be in Kuwait, a rustic that’s pricey to our hearts, and to construct a brand new long-term partnership between KPC and QatarEnergy, that constitutes a central component in supporting Kuwait’s sustainability targets significantly within the electrical energy technology sector,” Al-Kaabi was quoted as saying within the assertion.
“It additionally displays our dedication to help the long run wants of all our purchasers, foremost of which is KPC,” he added.
“Our bilateral relations proceed to develop and obtain the aspirations and pursuits of our peoples below the smart management 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,” Al-Kaabi went on to state.
QatarEnergy highlighted within the assertion that the deal is the second long run LNG SPA with KPC and famous that it’s “thought-about pivotal in additional boosting bilateral commerce between the State of Qatar and the State of Kuwait”.
In a press release posted on its website in January 2020, QatarEnergy, then named Qatar Petroleum, introduced it and KPC had entered right into a long-term SPA for the provision of as much as three million tons every year of LNG to Kuwait. Qatar Petroleum modified its identify to QatarEnergy in October 2021.
“Underneath the 15-year settlement, LNG deliveries to Kuwait’s new world-class LNG receiving terminal at Al-Zour Port will begin in 2022 to help assembly Kuwait’s rising vitality wants and demand, significantly within the energy technology sector,” the January 2020 assertion famous.
In that assertion, Al-Kaabi stated, “we’re happy and proud to affix fingers with Kuwait Petroleum Company, and we sit up for offering dependable LNG provides to our brothers within the State of Kuwait for many years to return”.
“This settlement extends Qatar’s lengthy standing LNG provide relationship with Kuwait effectively into the 2030s and highlights our dedication to assembly Kuwait’s LNG necessities,” he added.
“We’re assured that the distinctive reliability of our LNG provides will present KPC with the required flexibility and provide safety to gas the State of Kuwait’s spectacular development,” he continued.
Again in June this 12 months, QatarEnergy introduced in a press release posted on its website that it had signed definitive agreements with CPC Company, Taiwan (CPC) protecting the long-term provide of LNG to CPC and partnership within the North Subject East LNG enlargement venture (NFE).
The 2 events signed an LNG SPA for the supply of 4 MTPA of LNG from the NFE venture to CPC over a interval of 27 years, that assertion famous.
Again in February, QatarEnergy introduced in a separate assertion posted on its website that it had “entered right into a 20-year LNG SPA with Petronet LNG Restricted for the provision of seven.5 MTPA of LNG destined to the Republic of India”.
In remarks throughout a panel dialogue on The Subsequent Stage of the World Vitality Transition on the Qatar Financial Discussion board, which had been posted on QatarEnergy’s website in Could, Al-Kaabi stated “LNG will not be going away any anytime quickly”.
In April, the corporate revealed in a press release posted on its website that it had signed an settlement with China State Shipbuilding Company (CSSC) for the development of 18 “ultra-modern QC-Max measurement LNG vessels, marking a major addition to its historic LNG fleet enlargement program”.
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