QatarEnergy Signs 15-Year LNG Agreement with Kuwait Petroleum Corporation

QatarEnergy has signed a significant 15-year Liquefied Natural Gas (LNG) Sale and Purchase Agreement (SPA) with Kuwait Petroleum Corporation (KPC), ensuring the supply of up to 3 million tons per annum (MTPA) of LNG to Kuwait. Under the agreement, the LNG will be delivered directly to Kuwait’s Al-Zour LNG Terminal via QatarEnergy’s fleet, which includes conventional, Q-Flex, and Q-Max LNG vessels. The deliveries are scheduled to begin in January 2025, marking a substantial step forward in meeting Kuwait’s growing energy needs.

The signing ceremony took place in Kuwait City, attended by key figures from both organizations. His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, President and CEO of QatarEnergy, and Shaikh Nawaf Saud Al-Nasir Al-Sabah, Deputy Chairman and CEO of KPC, led the event. High-ranking officials from both sides were also present, underscoring the importance of the agreement.

During the ceremony, Minister Al-Kaabi expressed his satisfaction with the partnership, highlighting the significance of strengthening ties between Qatar and Kuwait. He emphasized that the agreement is a cornerstone in supporting Kuwait’s sustainability objectives, particularly in electricity generation. Minister Al-Kaabi remarked, “I am pleased to be in Kuwait, a country dear to our hearts, and to build a new long-term partnership between KPC and QatarEnergy. This collaboration is a vital element in supporting Kuwait’s sustainability goals, especially in the electricity sector. It also reflects our unwavering commitment to meeting the future energy needs of our clients, particularly KPC.”

Minister Al-Kaabi further noted that the agreement symbolizes the deepening bilateral relations between Qatar and Kuwait, driven by the shared vision of the two nations’ leadership. He praised the strong ties under the wise guidance of His Highness Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, and His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Crown Prince of Kuwait. These bonds, according to Al-Kaabi, lay the foundation for continued collaboration and mutual growth between the two countries.

This new SPA marks the second long-term LNG supply agreement between QatarEnergy and KPC, reinforcing the solid trade relations between Qatar and Kuwait. The agreement is expected to significantly enhance bilateral trade and cooperation, reflecting the ongoing efforts by both nations to build a reliable energy partnership that supports their respective strategic goals.

The 15-year deal aligns with Kuwait’s broader energy strategy, ensuring a steady and secure supply of LNG to meet its future energy demands while also contributing to the country’s environmental goals. For QatarEnergy, the agreement strengthens its position as a leading global supplier of LNG, committed to delivering reliable and flexible energy solutions to its clients worldwide.

This partnership not only emphasizes the deep brotherly ties between Qatar and Kuwait but also highlights the long-term commitment to regional energy security and economic cooperation, which are crucial in today’s global energy landscape.