Kogas, TotalEnergies strenghten LNG ties

South Korean LNG importing giant Kogas said it has signed a deal with France’s TotalEnergies to boost liquefied natural gas trading and optimization.

Hee-Bong Chae, CEO of Kogas, and Thomas Maurisse, senior VP for LNG at TotalEnergies, signed the memorandum of understanding in Singapore on June 15, according to a statement by Kogas.

Kogas and TotalEnergies agreed to work together in LNG marketing and shipping, develop business opportunities related to trading, as well as build a cooperative system to strengthen energy security, Kogas said.

“In particular, in consideration of the recent volatility in the energy market, a consensus was formed on the need to pursue LNG trading and strategic diversification in the short term and aim for stable energy security in the long term,” the statement said.

Besides LNG, Kogas and TotalEnergies will also work to develop renewable and low-carbon hydrogen projects.

Long-term partners

The two firms have already established a long-term LNG partnership.

Back in 2012, they signed a long-term agreement for volumes from Cheniere’s Sabine Pass LNG export plant in the US.

Four years later, the partners also signed a memorandum of understanding to jointly identify and pursue opportunities to develop the LNG market in Asia.

TotalEnergies is one of the world’s largest LNG players and plans to sell 50 Mt per year by 2025.

On the other side, Kogas operates four large LNG terminals in South Korea, but it also has a small-scale regasification terminal at the Aewol port on Jeju island. On top of these facilities, the LNG importer is building a large terminal in Dangjin.

In addition, the firm is developing its hydrogen business and recently signed two deals. Kogas aims to utilize its LNG infrastructure and knowledge gained in the LNG industry over the years to develop a hydrogen production and supply chain.

- Advertisements -

Most Popular

Kinder Morgan secures more time for Gulf LNG export project

US energy company Kinder Morgan and its partners have secured more time from the US FERC to add liquefaction...

CoolCo reveals more details on GAIL LNG carrier charter deal

LNG carrier operator CoolCo has revealed more details regarding its recent 14-year charter deal with India’s largest gas utility...

India boosts LNG imports in April

India’s liquefied natural gas (LNG) imports rose in April this year compared to the same month last year, according...

More News Like This

TotalEnergies supplies LNG cargo to PetroVietnam Gas

PetroVietnam Gas, a unit of state-owned PetroVietnam, has received a liquefied natural gas cargo from a unit of France's...

Singapore LNG bunkering volumes jump

Singapore's LNG bunkering sales jumped in the first four months of this year, reaching a new record, according to...

Japan’s MOL charters LPG carrier duo to TotalEnergies

Japan’s shipping firm MOL said on Thursday it has signed a charter deal for two 88,000-cbm LPG carriers with...

South Korea’s Kogas reports lower sales in April

South Korean LNG importer Kogas reported lower gas sales in April compared to the same month in the year...