Kuwait Petroleum Hopes to Advance Talks With Russia on Joint LNG Venture

© Sputnik / Sergey Krasnouhov / Go to the photo bankThe flare system at Russia's first liquefied natural gas (LNG) plant (the Sakhalin II project), built by Sakhalin Energy Investment Company Ltd. in the village of Prigorodnoye in southern Sakhalin.
The flare system at Russia's first liquefied natural gas (LNG) plant (the Sakhalin II project), built by Sakhalin Energy Investment Company Ltd. in the village of Prigorodnoye in southern Sakhalin. - Sputnik International
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Kuwait Petroleum Corporation (KPC) hopes to advance the ongoing negotiations with Russia on launching an LNG project, KPC’s international marketing head Nabil Bourisly told Sputnik on Wednesday.

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HOUSTON (Sputnik) – Bourisly added that the high-level delegation from Russia recently visited Kuwait, and the two sides agreed to continue discussions.

“Still we are continuing discussion as to get a joint venture on one of the LNG projects in Russia. We are now waiting for information from Russia on the potential opportunities, and on when we can get to the projects. We hope that we can progress in the near future to get into this venture,” Bourisly said. “It goes very slow, but hopefully in the future we can get to some sort of cooperation.”

Nabil Bourisly thinks that the global oil market will balance itself and eventually get to the right pricing levels.

“It’s very important and it’s very clear, to get the good prices we have to balance the supply and demand. And at the end of the day the market will balance itself, and we’ll get to the right prices,” Bourisly said on the sidelines of the IHS CERAWeek energy conference in Texas.

In November, Russian energy company Gazprom signed a memorandum of understanding on cooperation with the KPC after Russian President Vladimir Putin met with the emir of Kuwait, Sabah al-Ahmad al-Sabah.

KPC is a national state-owned company, whose activities encompass petroleum exploration, production, petrochemicals, refining, marketing, and transportation.

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