Gazprom Marketing & Trading Singapore and KOGAS sign mid-term LNG agreement

abarrelfullabarrelfull wrote on 11 Oct 2012 09:15
Tags: asia gazprom kogas korea lng singapore

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Gazprom Marketing & Trading Singapore (GM&T Singapore), a wholly owned subsidiary of Gazprom, has signed a sale and purchase agreement with Korea Gas Corporation (KOGAS), South Korea’s largest natural gas company. Under the agreement, GM&T Singapore will supply up to eight cargoes of Liquefied Natural Gas (LNG) per annum to KOGAS in 2013 and 2014, totalling up to 1 million tonnes over the two years. The supply will come from GM&T’s diversified portfolio.

Vitaly Vasiliev, Chief Executive Officer of GM&T, said: “As the largest LNG importer in the world, KOGAS is a key strategic partner of Gazprom and we are very pleased to have concluded this medium-term agreement that extends our well-established relationship.”

Mr Frédéric Barnaud, Executive Director for LNG & Shipping, added: “This agreement also provides a good basis for further expansion of our commercial portfolio and realising our ambition to be the leading LNG marketer in Asia Pacific. We look forward to partnering with other major energy players in the region willing to build and maintain a secure supply of energy, and meeting the growing demand for LNG in Asia Pacific.”

Since its set-up in 2009, GM&TS has grown to become one of the most active LNG players across the Asia Pacific region. It will continue to expand its trading, marketing and shipping activity in the region ahead of equity supplies expected in the latter part of this decade.

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