KPC and Vitol sign LNG supply deal to meet summer demand
Today Vitol S.A. (Vitol) signed an agreement with Kuwait Petroleum Corporation (KPC) to supply liquefied natural gas (LNG) to the state of Kuwait to help the state meet peak electricity demand during the summer months of April through October 2010 to 2013.
The four year agreement helps KPC meet the state of Kuwait’s growing energy demand as the state implements its ambitious development plans, which will require more clean energy supplies, including natural gas.
While KPC is following through on its plans for increasing local natural gas production and providing clean supplies of feedstock for the state’s power generation facilities, this supply agreement will help meet demand for gas during the interim period.
KPC believes that importing LNG to meet peak summer demand is a sustainable solution to help reduce emissions and improve local air quality.
KPC are delighted to have secured supplies from a reliable global partner like Vitol, and look forward to strengthening their long-term relationship with the company.
Vitol are very pleased to have been awarded this contract, which reinforces their commitment to partner with KPC, as it looks to meet its LNG supply requirements.