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FINANCIAL NEWS
Kuwait signs USD3b LNG supply deal
17 May 2014
(MENAFN) Kuwait has signed a five-year liquefied natural gas (LNG) supply deal with BP worth an estimated USD3 billion, as it seeks to meet rising energy demand to power air conditioning during the summer, Arab Times reported.
Kuwait, a major OPEC oil producer, has agreed a USD12 billion LNG supply deal over five years with Royal Dutch Shell and will import gas from fellow Gulf state Qatar.
The BP deal, signed by state-run Kuwait Petroleum Corp (KPC), will help Kuwait run its power plants through the hottest time of the year.
“The amount contracted by the three companies that we signed with will be up to 2.5 million tons per year,” said head of the KPC”s international marketing division.
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