Qatar strikes another 15-year LNG supply deal with Kuwait 

The agreement was signed during a special ceremony held in Kuwait City by Saad Sherida Al-Kaabi, the minister of state for energy affairs, the president and CEO of QatarEnergy, and Shaikh Nawaf Saud Al-Nasir Al-Sabah, deputy chairman and CEO of KPC. Supplied
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Updated 26 August 2024
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Qatar strikes another 15-year LNG supply deal with Kuwait 

  • Deliveries will start in January 2025
  • Kuwait imports the fuel to help meet rising demand for power generation

KUWAIT: Qatar agreed on Monday to supply Kuwait with 3 million tonnes per annum of liquefied natural gas for 15 years, the second such deal since 2020 as Kuwait imports the fuel to help meet rising demand for power generation. 

The chief executives of state-owned QatarEnergy and Kuwait Petroleum Corp. signed the long-term sales and purchase agreement for LNG in Kuwait. Deliveries will start in January 2025, KPC CEO Sheikh Nawaf Al-Sabah said. 

Reuters reported last week that QatarEnergy and KPC were in talks for the deal. 

Kuwait, an OPEC member and a major oil producer, has been boosting its reliance on imported gas to meet power demand, especially in the summer when consumption by air conditioning systems rises sharply. KPC also aims to ramp up its own gas output as part of a strategy that targets higher oil production capacity too. 

Last week, Kuwait faced a second round of scheduled power outages this summer due to a lapse in local gas supply, despite officials indicating there would be no more cuts after the first round in June. Summer temperatures regularly soar above 50 degrees Celsius or 122 degrees Fahrenheit. 

The deal will play “a pivotal role in electricity generation in Kuwait,” Sheikh Nawaf said. 

He declined to disclose the deal’s value, saying it was confidential. 

Qatar this year announced a further expansion of its North Field project that will cement it as one of the world’s top LNG exporters. The project will boost the North Field’s LNG output to 142 mtpa from 77 mtpa by 2030. 

The LNG from the new supply deal for Kuwait could be partly from the North Field expansion project and partly from Qatar’s existing output, said QatarEnergy CEO Saad Al-Kaabi, who is also Qatar’s state minister for energy. It will be delivered to Kuwait’s Al Zour port. 

Kuwait and Qatar agreed in 2020 a 15-year deal for the supply of 3 mtpa of LNG from 2022, which will overlap with the new deal. 


Egypt inflation slows to 10.1% in January: CAPMAS  

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Egypt inflation slows to 10.1% in January: CAPMAS  

JEDDAH: Egypt’s annual inflation eased to 10.1 percent in January from 10.3 percent a month earlier, while consumer prices rose sharply on a monthly basis, highlighting persistent pressure on household costs. 

The consumer price index climbed to 268.1 points in January from 264.2 in December, the Central Agency for Public Mobilization and Statistics, also known as CAPMAS, said. Monthly inflation accelerated to 1.5 percent, compared with 0.1 percent in December. 

The government has stressed measures to contain inflation, with directives from President Abdel Fattah El-Sisi calling for coordination between the Central Bank of Egypt and the Ministry of Finance. 

Earlier, Prime Minister Mostafa Madbouli said these efforts aim to curb inflation pressures, support economic stability and encourage private sector growth. 

In its latest report, CAPMAS stated: “Among the most important indicators in price changes.... an increase in the prices of the grains and bread group by 0.1 percent, the meat and poultry group by 5.1 percent, the fish and seafood group by 1.7 percent, the dairy, cheese, and eggs group by 0.5 percent, the oils, and fats group by 0.2 percent.”  

Price movements in January contrasted with patterns seen in December 2025. Essential food and beverage categories recorded significant increases after some declines in the previous month. The meat and poultry group rose 5.1 percent in January following a 1.1 percent decline in December. 

Vegetables increased by 8.5 percent after falling 2 percent in December, while coffee, tea, and cocoa rose by 6.7 percent, up from 0.1 percent. Fish and seafood increased by 1.7 percent, dairy, cheese, and eggs by 0.5 percent, grains and bread by 0.1 percent, and tobacco and oils and fats rose by 0.7 percent and 0.2 percent, respectively. 

Housing-related costs continued to rise, with actual rents up 1.6 percent, imputed rents up 1.9 percent, and housing maintenance and repair up 0.8 percent. 

The report also showed hospital services increased by 3.4 percent, while outpatient clinic services rose by 1.0 percent, compared with December increases of 1.8 percent and 1.0 percent, respectively. 

Other consumer categories recorded moderate increases. Clothing and accessories rose by 1.4 percent, ready-made clothing by 1.1 percent, footwear by 0.4 percent, and cleaning, repair, and clothing rental by 1.0 percent. 

Personal care increased by 0.6 percent and transport services rose 0.3 percent, while household items and equipment rose between 0.2 percent and 0.7 percent. 

On the other hand, fruit prices decreased by 2.5 percent, and home appliances declined by 0.4 percent, continuing trends from December in some sectors.