Minister of Oil and Minister of Electricity and Water Bakheet Al-Rashidi announced Thursday that Kuwait Petroleum Corporation (KPC) and a leading International Company have agreed to sign a substantial supply agreement to import liquefied natural gas (LNG) into Kuwait for 15 years starting from 2020. Minister Al-Rashidi said in a statement to KUNA that Kuwait is embarking on an ambitious path of economic growth, indicating that the deal will meet the growing demand for energy.
This growth in energy demand needs cleaner burning energy sources such as natural gas, which will contribute to reduce emissions and improve local air quality, said the minister.
Whilst KPC is working towards increasing local natural gas production, there is a pressing requirement to secure imports of natural gas supplies in the meantime, he added.
This agreement reinforces the already strong relationship between the parties and their mutual commitment to further strengthening the ties between their respective companies.
Source: Kuwait News Agency