KOMIPO of South Korea Inks LNG Deal with Vitol

KOMIPO, a unit of Korea Electric Power Corp., said today it has signed a $3.4 billion agreement with Vitol od Switzerland to import LNG for 10 years starting in 2015.

The company will import 400,000 tonnes of LNG per annum between 2015 and 2024, KOMIPO said in a release.

The contracted annual import is equivalent to a sixth of the company’s consumption for its power generation, it added.

KOMIPO owns and operates various power plants from steam power plants, internal combustion and combined cycle thermal power generation plants to the pumped-storage power plants and renewable energy facilities.

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LNG World News Staff, April 9, 2012; Image: Vitol