Kogas to collaborate with TotalEnergies in exploring LNG opportunities

South Korea’s state-run, Korea Gas Corp., to collaborate with French supermajor TotalEnergies to explore more liquefied natural gas (LNG) marketing and development opportunities.

Asper the agreement, both companies will improve LNG and low-carbon energy trading to increase price stability.

Kogas is one of the world’s largest buyers of LNG and imports about 90% of all volumes that enter South Korea, according to the US Department of Commerce. It retains a monopoly in the country’s domestic wholesale market and supplies both power generation customers and city gas companies.

Kogas is an equity partner in at least three international LNG terminal projects with TotalEnergies. It has a 5% stake in Australia’s Gladstone LNG, a 6% stake in Yemen LNG operated by TotalEnergies and leads a consortium of Korean businesses with a 5% stake in Oman LNG.

Kogas has also been diversifying its LNG sources with long-term contracts. It signed a 20-year, 2 mmty contract with Qatar Petroleum last summer. TotalEnergies recently backed a major LNG project in Qatar, becoming the first equity stake partner in the massive North Field East (NFE) expansion project.