KOGAS Signs 15-Year Contract with BP to Import U.S. LNG

Source: Reuters 9/24/2019, Location: Asia

South Korea’s state-run Korea Gas Corp (KOGAS) signed an agreement with BP to buy 1.58 million tonnes of U.S. liquefied natural gas (LNG) for 15 years starting 2025, its energy ministry said on Tuesday.

The LNG will be delivered from Freeport LNG terminal or Calcasieu Pass. The deal could be expendable for three years at a seller’s option and is estimated to be worth up to $9.61 billion for 18 years, the ministry said.

South Korea, the world’s third largest LNG importer, imports most of its super chilled fuel through the country’s sole LNG wholesaler KOGAS, which typically ships in between 35 and 40 million tonnes a year, mainly from Qatar and Australia.

The United States is South Korea’s third largest LNG supplier, while South Korea is the top importer of U.S. LNG.

In the first eight months of the year, South Korea imported 4.82 million tonnes of LNG from the United States, up 5.5% from 4.57 million tonnes during the same period a year earlier, according to customs data. Imports from the United States made up 18% of the country’s total LNG imports.

The ministry said the deal would strengthen bilateral energy cooperation and help South Korea diversify its LNG import sources.

KOGAS currently brings in 2.8 million tonnes a year of U.S. LNG processed by Cheniere under a 20-year supply deal starting 2017.

Nigeria >>  6/27/2022 - The British independent energy company Savannah Energy PLC is pleased to announce that Central Horizon Gas Company Limited ("CHGC"), a subsidiary of A...
Australia >>  6/24/2022 - Key points:
• The Gas Sales Agreement (GSA) negotiation period with CleanCo Queensland Limited (CleanCo) has been extended until the earlier of e...

Ukraine >>  6/23/2022 - EBRD lends Moldova €300 million to boost energy security through strategic gas acquisitions - Revolving loan will be on-lent to state-owned energy tr...
Nigeria >>  6/22/2022 - Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, is pleased to announce that...

United States >>  6/22/2022 - Today, INEOS Energy and Sempra Infrastructure signed a heads-of-agreement for the possible supply of 1.4 million tonnes of LNG annually from North Ame...
United States >>  6/22/2022 - Cheniere Energy, Inc. announced that two of its subsidiaries, Sabine Pass Liquefaction, LLC (“SPL”) and Cheniere Marketing, LLC (“Cheniere Marketing”)...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.