GDF SUEZ and KOGAS conclude a second LNG sale agreement

GDF SUEZ has signed a second medium term agreement with Korea Gas Corporation (KOGAS), the South Korean public natural gas company. Under this new agreement, GDF SUEZ will supply KOGAS with 24 cargoes of liquefied natural gas (about 1.6 million tons) from 2013 to 2014. LNG volumes will be sourced from GDF SUEZ’ LNG portfolio.
Jean-Marie Dauger, Executive Vice President of GDF SUEZ in charge of the Global Gas & LNG business line said: “We are very pleased to conclude this 5th medium term agreement in the region. This new LNG sale fits with GDF SUEZ ambition in the Asia Pacific basin: to be a reliable LNG supplier and to build strong relationships with major energy players. From 2010 to 2016, we are planning to deliver about 10 million tons of LNG to KOGAS, CNOOC (China), Petronas (Malaysia), Petronet (India) and PTT (Thailand). We aim to contribute to the development of the LNG markets especially in the Asia Pacific basin, where growth prospects are the most promising.”
In 2010, GDF SUEZ and KOGAS reached a first agreement for the delivery by GDF SUEZ of 41 cargoes (about 2.5 million tons of LNG) between 2010 and 2013.
KOGAS is the largest LNG importer in the world, and the main natural gas supplier of South Korea. It operates 3 LNG regasification terminals and 2,879 km of high pressure natural gas pipelines. These additional volumes will help KOGAS to meet its growing LNG needs as well as diversify its LNG supply sources.
GDF SUEZ is one of the leading LNG players, and the 3rd LNG importer in the world. The Group has a diversified and optimized portfolio of LNG supplies from 6 countries, representing 16 MTPA(1). It operates a fleet of 17 LNG carriers and has a significant presence in regasification terminals around the world.
(1) million tons per annum
Source: GDF SUEZ