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2017-12-25 20:10:00

SHELL - KUWAIT LNG

SHELL - KUWAIT LNG

BLOOMBERG - Kuwait Petroleum Corp. signed a 15-year liquefied natural gas import deal with Royal Dutch Shell Plc to help the oil exporting nation meet growing domestic energy demand.

The sales purchasing agreement with Shell International Trading Middle East Ltd. will start in 2020, the companies said Sunday in an emailed statement. Shell has supplied Kuwait with the super-cooled fuel since 2010 and declined to say how much gas is covered under the new contract. While KPC is working to boost local natural gas production, Kuwait has a "pressing requirement" to secure natural gas supplies in the meantime, they said.

LNG could help meet Kuwait's domestic demand for power to run air conditioners during hot summer months and cut the amount of crude oil burned instead of exported for profit. The contract will cover 2 million to 3 million metric tons of LNG a year, priced at 11 percent below a Brent benchmark, a person familiar said, asking not to be identified because terms of the deal are private.

"The big issue for Kuwait is they burn a lot of oil, most of their power generated is from oil, and so importing LNG for them is cheaper and frees up oil for export," Robin Mills, chief executive officer of Dubai-based Qamar Energy, said by phone.

Kuwait wants cleaner burning energy sources such as natural gas to reduce emissions and improve air quality, according to the Shell and KPC statement.

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Earlier:

SHELL SELLS THAILAND
2017, January, 31, 18:35:00

SHELL SELLS THAILAND

Shell has reached an agreement with KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), for the sale of subsidiary companies Shell Integrated Gas Thailand Pte Limited and Thai Energy Co Limited, which together hold a 22.222% equity stake held in the Bongkot field, and adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and block G12/48, for USD 900 million.

 

 KUWAIT'S DEFICIT: $18.2 BLN
2016, July, 6, 18:05:00

KUWAIT'S DEFICIT: $18.2 BLN

Kuwait's budget deficit reflects the impact lower oil prices have had on crude exporters, particularly Gulf Arab monarchies that rely on oil revenues to support generous subsidies, welfare benefits and public sector wages.

 

 KUWAIT'S OIL STRIKE
2016, April, 19, 18:00:00

KUWAIT'S OIL STRIKE

Thousands of workers in six oil and petrochemical companies went on strike Sunday to protest proposed government cutbacks.

 

 KUWAIT & SAUDI AGREE
2016, April, 3, 16:10:00

KUWAIT & SAUDI AGREE

Production at Khafji was halted in October 2014 because of environmental concerns. The 300,000-b/d field lies in the Saudi-Kuwaiti neutral zone. Kuwait Gulf Oil Co. and Saudi Aramco Gulf Operations Co. jointly operate it. Neither company commented on restart reports.

 

 BP & KUWAIT AGREEMENT
2016, April, 3, 15:55:00

BP & KUWAIT AGREEMENT

The framework agreement includes opportunities for joint investment in future oil and gas exploration, and possible oil and gas trading deals, including LNG.

 

 СОТРУДНИЧЕСТВО РОССИИ И КУВЕЙТА
2015, November, 12, 20:00:00

RUSSIA & KUWAIT COOPERATION

Russia’s President Vladimir Putin met with Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah this week to discuss opportunities for cooperation in the fields of energy and diplomacy. The two countries also signed a memorandum for military technical cooperation.

 KUWAIT: $155 BLN INTO PROJECTS
2015, January, 18, 13:55:00

KUWAIT: $155 BLN INTO PROJECTS

Kuwait’s government on Sunday announced plans to spend $155bn on projects over the next five years despite the current slump of oil prices.

 

 

Tags: SHELL, KUWAIT, LNG

Chronicle:

SHELL - KUWAIT LNG
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SHELL - KUWAIT LNG
2018, April, 23, 14:20:00

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SHELL - KUWAIT LNG
2018, April, 23, 14:15:00

IMF WANTS AFRICA

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SHELL - KUWAIT LNG
2018, April, 23, 14:10:00

IMF'S CORRUPTION

IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.

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