Russian gas monopoly Gazprom and state-owned Kuwait Petroleum
Corporation have signed a memorandum of understanding, agreeing to
cooperate in liquefied natural gas (LNG), liquefied hydrocarbon gases
(LHG) and other petrochemical projects, as well as in scientific,
technical and investment areas.
Gazprom Chairman Alexey Miller and Kuwait Petroleum Corporation CEO
Nizar Al-Adsani signed the accords in the Black Sea resort of Sochi
where Russian President Vladimir Putin and the Emir of Kuwait Shaikh
Sabah Al Ahmad Al Jaber Al Sabah held official talks.
At present, Gazprom is implementing the Baltic LNG project, a
proposed LNG plant construction, in Russia’s Leningrad Region oriented
at the European and Latin American markets. The plant’s capacity will be
10 million tonnes of LNG per year with the possibility of expansion up
to 15 million tonnes.
Putin and Shaikh Sabah discussed ways to develop their relations in
all fields, as well as the latest regional and international
developments, primarily the Middle East and anti-terrorism efforts.
Shaikh Sabah offered his “heartfelt and sincere condolences” to Putin
for the victims of the recent Russian passenger plane crash in Egypt’s
Sinai Peninsula.
Putin started the meeting by discussing the situation in the Middle
East and describing it as rather difficult, according to TASS.
“We are very glad to have an opportunity to meet with you and talk
about our bilateral relations and about the situation in the region with
you and your colleagues,” Putin said.
A statement of intent was signed between the Kuwaiti Ministry of
Defence and the Russian firm Rosoboronexport for military equipment.
Moreover, Kuwait’s sovereign wealth fund, the Kuwait Investment
Authority (KIA), has allocated an additional $500 million to investment
projects in Russia in partnership with the Russian Direct Investment
Fund (RDIF). This follows $500 million that KIA allocated for investment
with RDIF in 2012.
Kuwait was the first of the Arabian monarchies of the Persian Gulf to
have established diplomatic relations with the Soviet Union. Kuwaiti
experts note that Russia is an important player in the region.
by Kostis Geropoulos Energy & Russian Affairs Editor, New Europe
http://neurope.eu/article/russia-kuwait-ink-lng-deal/