QatarEnergy has entered into a 15-year Liquefied Natural Gas (LNG) Sale and Purchase Agreement (SPA) with the Kuwait Petroleum Corporation (KPC) for the supply of up to 3 million tons per annum (MTPA) of LNG to the State of Kuwait, the company announced in a statement.
Under 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 by the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, Eng. Saad bin Sherida Al Kaabi, and the Deputy Chairman and Chief Executive of KPC, Shaikh Nawaf Saud Al-Nasir Al-Sabah. The signing took place during a ceremony held in Kuwait City and was witnessed by senior executives from both KPC and QatarEnergy.
In his comments, Al-Kaabi expressed his pleasure at being in Kuwait, a country he described as dear to his heart. He welcomed the establishment of this new long-term partnership between KPC and QatarEnergy, noting that it will serve as a central pillar in supporting Kuwait’s sustainability objectives, particularly within the electricity generation sector.
Strengthening bilateral trade ties
Additionally, Al-Kaabi stated that the agreement reflects QatarEnergy’s steadfast commitment to meeting the future needs of all their clients, with KPC being at the forefront of their priorities, QNA reported.
QatarEnergy, KPC sign 15-year agreement for the supply of up to 3 MTPA of LNG to Kuwait#QatarEnergy #YourEnergyTransitionPartner #Qatar pic.twitter.com/RwmOfmuV4q
— QatarEnergy (@qatarenergy) August 26, 2024
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He further went on to highlight the continued growth and strengthening of bilateral relations between the two nations, stating that they are aligned with the aspirations and interests of their respective peoples. He noted that this underscores the deep brotherly ties and the long-term partnership that exists between Kuwait and Qatar.
Moreover, this latest agreement marks the second long-term LNG Sale and Purchase Agreement signed between QatarEnergy and KPC. It is widely regarded as a pivotal development that will further strengthen the bilateral trade ties between the State of Qatar and the State of Kuwait.
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