Jera, Kogas to cooperate in LNG business
Japan's Jera has entered into a memorandum of understanding with Korea Gas Corporation (Kogas) regarding cooperation in the LNG business, it said on April 10.
Under this MoU, the parties will discuss opportunities for mutual collaboration in the LNG business including LNG swaps, trading, ship optimisation, and market view exchange.
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Jera said that Russia's invasion of Ukraine has created a severe energy environment, such as the reduction of pipeline gas supply to Europe, and the uncertainty regarding global energy supply is drastically increasing.
“In responding to these circumstances, under this MoU, Jera and Kogas, which are among the largest buyers in the global LNG market, will strengthen their strategic relationship and consider developing schemes of cooperation regarding their LNG supply and demand, to enhance stable energy supply in Japan and Korea,” the company added.
Jera stated that as a long-term matter, there is an acceleration of the energy transition to a carbon-neutral future and LNG will play an even more important role as transition fuel not only in Europe but also in Asia.