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Already the MENA region’s top LNG importer, Kuwait is powering ahead with plans to secure extra supplies to meet growing gas to power demand as it looks to capitalize on slumping prices.
Prices have fallen by approximately $8/mn BTU to around $4/mn BTU since 2014 according to Kuwait Petroleum Corporation (KPC). It hopes to move forward with its own upstream gas development plans this year, but foresees LNG imports complementing domestic production.
Kuwait Petroleum Corporation (KPC) will effectively buy more volumes from existing suppliers BP, Shell and Qatargas, judging by recent reports and announcements. According to KUNA state-owned agency last week, KPC inked new medium-term deals for the supply of 2.09mn tons through 2020 with BP and Shell. KPC would buy around 1 mn tons/year from each company.
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