Kogas to Buy US LNG from BP (Update)

(Adds comments from Kogas)

South Korean Kogas September 23 signed an agreement with BP to buy close to 1.6mn metric tons/year of US LNG, South Korean energy ministry said September 24.

The imports will start in 2025 and continue for 15 years. Kogas in a separate statement said the LNG would come from Freeport LNG project and Calcasieu Pass LNG project. Since 2016, Kogas has imported 2.8mn mt/yr of LNG from the Sabine Pass project. With this new long-term contract its LNG imports from the US will increase to 4.4mn mt/yr, Kogas said. 

State-run Kogas is South Korea’s main LNG importer and operates five receiving terminals.  South Korea is the world’s third-biggest LNG importer after Japan and China. It received a record 44mn mt of LNG last year.

Banner image courtesy South Korean ministry of trade, industry and energy