LNG player Woodside welcomed the formal signing of The Korea-Australia Free Trade Agreement (KAFTA) in Seoul.
Woodside has long-term links with South Korea through partnership in its offshore exploration sector and sales and marketing of oil, condensate and LNG products. The company also has an important relationship with the country’s shipyards and technology providers.
Woodside CEO Peter Coleman said the agreement reinforced the strong ties between the two countries and the highlighted the significance of Australia’s trading relationship with South Korea.
“The agreement reduces tariffs on LNG and crude oil, allowing Australian products to be more competitively priced in the world’s second largest LNG market. This is important as we seek to diversify our customer base. Australia and South Korea have one of the strongest and most important trading relationships in the Asia-Pacific and the KAFTA will result in good economic outcomes for both countries,” Coleman said.