Kuwait signs gas deal with Qatar

The Citizen (KZN) - - World - Kuwait City

– State-owned Kuwait Pe­tro­leum Corp yes­ter­day signed a long-term con­tract with Qatar Pe­tro­leum to pur­chase three mil­lion tons of liq­ue­fied nat­u­ral gas (LNG) per year, a state­ment said.

Kuwait, which is rich in oil but falls short in gas pro­duc­tion, is cur­rently im­port­ing 2.5 mil­lion tons of LNG per year from BP, Shell and Qatar Pe­tro­leum.

The agree­ment will run for 15 years, start­ing in 2022, when the new $3 bil­lion (R42.8 bil­lion) LNG re­ceiv­ing ter­mi­nal at Al-Zour Port be­comes oper­a­tional.

Kuwait, which pumps 2.7 mil­lion bar­rels of crude oil per day, uses nat­u­ral gas im­ports for power gen­er­a­tion and the petro­chem­i­cals in­dus­try.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.