AsiaContracts and Tenders

BP inks long-term US LNG supply deal with South Korea’s Kogas

By LNG Prime Staff
BP inks long-term US LNG supply deal with South Korea's Kogas
Image: Kogas

South Korean LNG importing giant Kogas has signed a deal with BP to buy US LNG for a period of 18 years.

Under the Henry Hub-linked sale and purchase deal, BP Singapore, a unit of BP, would deliver 1.58 million tonnes of LNG per year to Kogas starting in 2025, the latter said in a statement on Friday.

The firm said that the supplies would come from the US, including the Freeport LNG terminal in Texas.

Also, the import volume covers about 3 percent of South Korea’s annual LNG consumption, Kogas said.

According to Kogas, this is the first long-term supply contract between the two firms.

Kogas said this supply deal with “competitive prices” would contribute to easing South Korea’s domestic natural gas prices and diversify supply in times of soaring oil and LNG prices.

In July last year, Kogas also signed a long-term supply deal with LNG giant QatarEnergy. This deal is for 20 years and 2 million tons of LNG per year, also starting in 2025.

The Koran firm currently operates four large-scale LNG terminals, namely Incheon, Pyeongtaek, Tongyeong, and Samcheok, as well as a small-scale regasification terminal at the Aewol port on Jeju island.

Kogas is building a large terminal in Dangjin as well.

Most Popular

Vessels

South Korea’s Samsung Heavy secures order for LNG carrier quartet

South Korean shipbuilding giant Samsung Heavy Industries has secured an order to build four liquefied natural gas (LNG) carriers for approximately $1.05 billion.
Contracts and Tenders

TotalEnergies, GS Energy pen long-term LNG SPA

French energy giant TotalEnergies has entered into a long-term agreement with South Korea’s GS Energy to supply the latter with liquefied natural gas (LNG).
Contracts and Tenders

Greece’s Metlen seals LNG SPA with Petronas

Greece’s Metlen Energy & Metals and a unit of Malaysia's Petronas have signed a liquefied natural gas (LNG) sales and purchase agreement for LNG deliveries to Greece.

More News Like This

Contracts and Tenders

Santos: GLNG to buy Meridian CSG project

Australian LNG player Santos and its GLNG joint venture partners have entered into binding agreements to purchase 100 percent of the Greater Meridian CSG project in Queensland for approximately $310 million.
Americas

BP, XRG secure license for Venezuela offshore gas field

UK-based energy giant BP, Adnoc's international investment unit XRG, and a unit of Qatar's UCC have secured a license to explore and develop the second phase of Venezuela's offshore Loran gas field.
LNG Terminals

Kogas reports slightly lower gas sales in July

South Korean LNG importer Kogas said its gas sales decreased by 1.1 percent in July compared to last year.
Contracts and Tenders

BP to take full control of Trinidad gas project

UK-based energy giant BP has agreed to acquire Woodside’s 70 percent interest in the Calypso gas project in Trinidad and Tobago, increasing its stake to 100 percent and assuming operatorship.