GDF SUEZ to Supply 2.5 Million Tons of LNG to KOGAS (South Korea)

GDF SUEZ and Korea Gas Corporation (Kogas), the South Korean public natural gas company, have concluded a medium term agreement for the delivery of 41 cargoes of LNG to Kogas.

The delivery will start on the fourth quarter of 2010 and continue until 2013. Overall volume will reach approximately 2.5 million tons of LNG. The LNG cargoes will be sourced from GDF SUEZ’ portfolio of LNG, the most diversified of any other gas companies, representing 16.5 Mtpa.

This transaction illustrates GDF SUEZ’ objective to contribute to the development of the LNG market in particular in Asia where growth and supply prospects are the greatest. This ambition was also illustrated in January 2010 by the acquisition of a 60% stake in three offshore gas fields in Australia: Bonaparte LNG is an integrated LNG project under the form of a Floating Production Storage and Offloading (FPSO) unit, with a 2 Mtpa capacity.

Kogas, the largest importer of LNG in the world, operates the three Korean regasification terminals and 2700 km of high pressure natural gas pipelines in South Korea.

GDF SUEZ is the first LNG importer in Europe and one of the leading LNG player in the world, with a fleet of 18 LNG carriers and a significant presence in regasification terminals in North and South America, in Europe, as well as in India.

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Source: GDF SUEZ , September 27, 2010;