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2014-05-12 20:00:00

KUWAIT & SHELL: $12 B

KUWAIT & SHELL: $12 B

Kuwait's state oil group said on Sunday it would sign a six-year liquefied natural gas (LNG) supply deal with Royal Dutch Shell estimated at $12 billion as the major oil exporter seeks to meet energy demands for the hot summer months.

It was not immediately clear if the contract was the same as an LNG supply deal between Kuwait Petroleum Corp and Shell reported last month in a Kuwaiti newspaper.

KPC officials were not immediately available for comment.

In a statement KPC said Oil Minister Ali al-Omair had received a delegation from Shell to sign the contract. It did not provide the volume of the super-cooled gas that would be supplied by Shell.

Kuwait wants to burn LNG instead of resorting to diesel and crude oil, which have higher harmful emissions, KPC added.

A Shell spokesman said he could not comment on details of commercial agreements.

Kuwait began importing LNG in 2009 and signed deals with Shell and Swiss-based trader Vitol to supply it from April to October, the period of peak power demand, for the last four years.

Surging air conditioning demand in the scorching Middle Eastern summer and a lack of domestic supply mean Kuwait needs to import more gas each year to feed its power plants.

Kuwait signed an LNG deal with fellow Gulf state Qatar last month.

reuters.com

Tags: KUWAIT, SHELL, GAS, LNG

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