Shell inks strategic Kuwait deals
Kuwait, February 24, 2011
Energy giant Shell said it has signed key agreements with Kuwait Petroleum Corporation (KPC) and Kuwait Oil Company to jointly investigate new business opportunities.
The agreement with KPC, covers areas of co-operation across the upstream and downstream businesses, energy security, research and development and in corporate areas such as human resources and planning.
The MoU was signed in the presence of Sheikh Nasser Al-Mohammed Al-Ahmed Al-Sabah, Kuwait Prime Minister, and David Cameron, British Prime Minister.
Also in attendance were Farouq Al-Zanki, chief executive officer of Kuwait Petroleum Corporation, and Sami Al-Rushaid, chairman and managing director of Kuwait Oil Company and Malcolm Brinded, executive director of Upstream International at Shell.
“Today’s MoU further cements our partnership with Kuwait. We will look jointly with KPC and its subsidiaries at oil and gas opportunities to leverage Shell’s global experience while sharing best practice in the energy sector,” said Brinded after signing the deal.
Shell and Kuwait Oil Company (KOC) also announced a training plan to build capacity of Kuwaiti staff under an Enhanced Technical Service Agreement, signed in February 2010 to develop the country’s Jurassic gas fields.
Ahmed Mouti, chairman and managing director of Shell companies in Kuwait, said: “Shell has a long track record of successfully managing complex gas projects and are recognised as a leading gas company. We very much look forward to building on our strong partnership with KOC through the signing of the MoU today”.
The training is required due to the unique geological challenges of the new gas developments which require technology and working practicesin this area.
Shell's partnership with Kuwait dates back to 1948, when the company first brought Kuwait’s crude oil to international markets, Mouti added.
The connection with the country further developed to include exploration in the 1960’s, later expanding to include oil trading, lubricants, and technical services and chemicals.
Shell was the first buyer of crude oil after the Gulf War and has been involved in studies of Kuwait’s upstream sector since the mid 1990s, helping KOC develop its staff.
Shell also has a number of upstream partnerships with Kuwait companies outside the country.-TradeArabia News Service