Kuwait Secures LNG Deal as Gulf Energy Exporters Hunt for Gas
- Shell, which supplied fuel since 2010, gets 15-year agreement
- Rising power demand even has Saudi Arabia weighing imports
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Kuwait struck a 15-year deal with Royal Dutch Shell Plc for liquefied natural gas, locking in supplies as neighbors in the oil rich Gulf consider their own import strategies.
The United Arab Emirates and Kuwait are the only importers of LNG in the region, with Bahrain joining the club in 2019. Saudi Arabia is looking at natural gas assets from Russia to East Africa and the U.S. The three oil producers pump about half of OPEC’s output, but use growing quantities of that crude in power generation, losing out on export revenue.