Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait signs 5-year $3b LNG supply deal with BP  Join our daily free Newsletter

MENAFN - Arab Times - 14/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Wait city may 13 (agencies): kuwait signed a five-year liquefied natural gas (lng) supply deal with bp on tuesday worth an estimated 3 billion as it seeks to meet rising energy demand to power air conditioning during the scorching gulf summers. kuwait a major opec oil producer on sunday agreed a 12 billion lng supply deal over six years with royal dutch shell and will also 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 tonnes per year' said nasser al-mudaf head of the kpc's international marketing division. he was referring to the lng deals with shell bp and state-run qatargas and said this was an annual estimated amount over the next few years.

frozen

kuwait began importing lng natural gas frozen to a liquid for transport on tankers in 2009. over the previous four years it has signed deals with shell and swiss-based trader vitol to supply it during the peak power demand period from april to october. al-mudhaf said that british petroleum as per the deal would provide kuwait with 6-8 annual lng shipments over five years. with this deal the kpc marketing sector has managed to secure kuwait's needs of lng till the end of november al-mudhaf said. he however admitted that the agreed upon quantities just meet the minimum of kuwait's lng needs. any additional lng needs during the summer would be secured through spot delivery contracts he stated. al-mudhaf underlined that the contract with bp will save the state treasury's huge sums of money.

the contract was signed after three years of negotiations and talks he unveiled noting that kuwait owns a four-percent share in british petroleum. he explained that kpc negotiates and signs contracts with lng providers on behalf of the ministry of electricity and water to secure its needs of natural gas for power generation and other purposes. ministry of electricity and water's facilities consume 2.5 million tons of lng on a daily basis al-mudhaf said adding that this figure is expected to go up to seven million tons per day after five years. regarding the lng purchasing contract which kpc signed with shell on sunday al-mudhaf the royal dutch shell as per the deal would provide kuwait with 18 lng shipments a year for six years at competitive prices. he argued that shell is able to send lng shipments to kuwait from many production sites in the region which is a great privilege.

the very close distance between kuwaiti and qatari ports make it easy to get supplied with lng needs quickly al-mudhaf said clarifying that a lng tanker moving from qatar can take 16 to 18 hours to reach kuwait. there are initial talks with qatargas to contract on importing four to five million tons of lng per day as of 2019 he disclosed. on a different issue al-mudhaf revealed that there is an agreement with egypt to use sumed pipeline to transport up to two million oil barrels per day to egyptian and european markets.

he elaborated that about 300000-500000 barrels of this amount are sold on the egyptian market and the residue is exported to european markets. he announced that great efforts are exerted by kpc currently to enter new markets and to increase its shares on others. in this regard kpc is working to have a share in oil australian market after entering the new zealand market he said noting that kuwait provides new zealand with 30000 barrels of crude oil per day. the kpc is also planning to increase its quota on the several other markets including the indian one al-mudhaf said.













 


 






  MENA News Headlines
 Jul 31 2014 - Air Algerie's plane crashesMENAFN
(MENAFN) A senior official said that the Air Algerie flight that crashed in Mali last week appears to have plummeted to the ground from an altitude of 10,000 meters in just a few minutes after flying ...

 Jul 31 2014 - Dubai's Damac eyes listing shares in Dubai bourseMENAFN
(MENAFN) Dubai luxury property developer Damac is trying to attract investors to invest in converting its Global Depositary Receipts (GDRs), listed on the London bourse, into ordinary shares that ...

 Jul 31 2014 - 'Nearly 100 casualties' in Xinjiang violenceArab News
(MENAFN - Arab News) IJING: A clash in Xinjiang home to China's mostly Muslim Uighur minority left nearly 100 people dead or wounded an exile group said Wednesday after what authorities called a ...

 Jul 31 2014 - Aquino seeks to quash rumors of military coupArab News
(MENAFN - Arab News) NILA: Philippine President Benigno Aquino sought Wednesday to quash rumors that a coup is being plotted against him with his spokesman insisting he had the military's full ...

 Jul 31 2014 - Kerry in New Delhi to reboot ties with ModiArab News
(MENAFN - Arab News) W DELHI: US Secretary of State John Kerry flew into India on Wednesday for ice-breaking talks with new Prime Minister Narendra Modi forecasting a transformation in Washington's ...

 Jul 31 2014 - UK bankers' bonus: Tough rules on wayArab News
(MENAFN - Arab News) NDON: British banks will be able to claw back employee bonuses up to seven years later if the recipient is found guilty of serious recklessness the Bank of England ...

 Jul 31 2014 - Amazon to invest 2bn to expand in IndiaArab News
(MENAFN - Arab News) MBAI: The world's largest online retailer is facing off in India against a new name in e-commerce that was founded by former Amazon employees.Amazon.com Inc. said it will invest ...

 Jul 31 2014 - Mobily Wajid offers free lines to family membersArab News
(MENAFN - Arab News) Bily continues to provide its extraordinary offer to the new subscribers of Wajid that provides discounts and privileges to all family members.The new Wajid Extra and Plus ...

 Jul 31 2014 - Wife of BIS official dies in road crashArab News
(MENAFN - Arab News) E wife of a member of the governing board at the Bangladesh International School (BIS) in Jeddah was killed in a road accident on Tuesday the second day of Eid Al-Fitr.Nasima ...

 Jul 31 2014 - Indian Eid program toned down in solidarity with GazansArab News
(MENAFN - Arab News) Extensive yearly Indian community Eid program was reduced to a simple get-together ceremony on Monday night in solidarity with the victims of Gaza.Indian expatriates condemned ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help