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FINANCIAL NEWS
Kuwait to import Iraqi gas
11 Apr 2011
(MENAFN) Kuwait Oil Company’s (KOC) deputy chairman, Mohammed Hussain, said that his country would import Iraqi gas by the next year according to a contract with Royal Dutch Shell, reported The National.
Hussain said that the country’s demand over liquefied natural gas (LNG) increased and the state uses large amounts of oil in its power factories instead of gas. He added that a project with Shell to exploit gasfields wouldn’t develop in the near time.
Kuwait Petroleum Corporation’s managing director of planning, Hashim Al Rifai, said that the country would still import LNG till it becomes ready to produce the quantities it needs.
It is worth noting that some of Kuwait’s oil fields were damaged in the First Gulf War eleven years ago and the country had to reconstruct them in order to reproduce oil and gas.
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