South Korea's Korea Gas Corp. (036460.SE) will sign long-term contracts in September to buy a total of 5.64 million metric tons of liquefied natural gas a year from Royal Dutch Shell PLC (RDSA) and Total SA (TOT), the Ministry of Knowledge Economy said Wednesday.
South Korea's Korea Gas Corp. (036460.SE) will sign long-term contracts
in September to buy a total of 5.64 million metric tons of liquefied natural
gas a year from Royal Dutch Shell PLC (RDSA) and Total SA (TOT), the Ministry
of Knowledge Economy said Wednesday.
The volume is equivalent to about 17% of
South
Korea
's gas consumption last year,
the commerce ministry said in a statement.
Kogas will import 3.64 million tons of LNG a year for 20 years from Shell's
Prelude gas field in
Australia
, with
imports set to begin between 2015 and 2018, the ministry said.
The contract allows Kogas to buy 1 million tons a year of LNG from locations
such as
Nigeria
and
Russia
from
2013 until Prelude starts production, it said.
Kogas will buy 2 million tons a year from Total between 2014 and 2031 from
fields in locations including
Australia
,
Nigeria
,
Norway
and
Egypt
, it
said.
Long-term supply contracts for LNG from
Indonesia
,
Malaysia
and
Brunei
totaling 4.7 million tons a year are due to expire between 2013 and 2015, it
said.
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