Korea Gas Corporation (KOGAS) will import 1.58 million tonnes of US liquified natural gas (LNG) under a newly inked deal with BP.
Under terms of a long-term contract inked on Friday (22nd April), sales and purchase has been agreed for up to 18 years from 2025.
Hee-Bong Chae, President and CEO of KOGAS, said, “With this contract, we expect to not only stabilise domestic natural gas supply and demand, but also cut rates and strengthen supply-demand responsiveness using volume flexibility.”
The deal is the latest in a series of moves made by KOGAS to try and strengthen natural gas price competitiveness.
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