Kuwait mulls swapping gas supplies with Iraq for compensations
04 Oct 2017 - 12:42
Kuwait: Kuwaiti Minister of Oil Essam Al-Marzouq unveiled Tuesday that talks are going on between the Kuwaiti and Iraqi governments on the import of Iraqi gas in exchange for the compensations for Kuwait.
Al-Marzouq said in a statement that the two countries will sign soon an agreement on the import of Iraqi gas, so that the negation remains on the price.
He projected that the Kuwaiti imports of Iraqi natural gas would start with 50 million cubic feet and then the imports would increase to reach 200 million cubic feet.
On the new projects of the Ministry of Electricity, Al-Marzouq pointed out that the ministry is currently working on the completion of a power station using solar energy and with a capacity of 1500 MW and will be implemented by the oil sector. The station is expected to operate by 2020, he added.
He added that the project will contribute to the implementation of Kuwait's strategic plan to provide 15% of energy consumption through reliance on renewable energy.
Kuwait hoped Tuesday it would reach a common understanding with Baghdad over options to pay USD 4.6 billion.