Korea Gas Corporation announced on the 22nd that it has signed a long-term LNG (liquefied natural gas) import contract with BP, a British oil and gas major. The agreement involves receiving a total of 7 million tons of LNG over 10 years, starting from 2028, at 700,000 tons annually.

South Korea’s annual LNG import volume totals 46 million tons, of which Korea Gas Corporation handles 35 million tons. Although the 700,000 tons secured from BP accounts for just 2% of Korea Gas Corporation’s annual import volume, 35 million tons, the corporation emphasized its significance in diversifying procurement sources.

Korea Gas Corporation previously signed a contract in August of last year to import 3.3 million tons of U.S.-produced LNG annually. A source from Korea Gas Corporation stated, “We have proactively secured price-competitive volumes amid intensifying upward pressure on energy prices.”
Source: The Chosun Daily