Kuwait Petroleum and Shell Sign 15-Year Agreement

//Kuwait Petroleum and Shell Sign 15-Year Agreement

Kuwait Petroleum and Shell Sign 15-Year Agreement

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Royal Dutch Shell plc (ticker: RDS.A) and Kuwait Petroleum Corp. have signed an LNG contract that secures Kuwait’s domestic energy needs for the next 15 years.

A private source told Bloomberg that the contract will cover 2-3 million metric tons of LNG a year, all while undercutting Brent benchmark prices by 11%.

“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 Energ…

2017-12-28T21:33:25+00:00