Gazprom and Kuwait Petroleum Corporation sign MoU

Alexey Miller, Chairman of the Gazprom Management Committee and Nizar Al-Adsani, Chief Executive Officer and Deputy Chairman of the Board of Directors of Kuwait Petroleum Corporation signed a Memorandum of Understanding in Sochi today. The ceremony was held in the presence of Vladimir Putin, President of the Russian Federation and Sabah Al-Ahmed Al-Sabah, Emir of the State of Kuwait, the Company said Thursday in a press release.

The document outlines the main areas of potential partnership between the two companies, inter alia, in the area of LNG, LPG and other petroleum products as well as in the areas of sci-tech cooperation and investments.

State-owned Kuwait Petroleum Corporation (KPC) is focused on hydrocarbon exploration and production as well as processing and sales. In addition, the KPC activities include petrochemicals manufacturing and marketing as well as marine transportation of hydrocarbons.

Russia's state-owned company Gazprom is a global energy supplier, specializing in exploration, production, transportation, storage, processing and sales of gas, gas condensate and oil, sales of gas as a vehicle fuel as well as generation and marketing of heat and electric power. Gazprom holds the world’s largest natural gas reserves and owns the world’s largest gas transmission network – the 168,000-km-long Unified Gas Supply System of Russia. Gazprom is the only producer and exporter of LNG in Russia.