South Korea’s Kogas, SK Group ink LNG cooperation deals with US companies

South Korean LNG importing giant Kogas said it signed a memorandum of understanding with U.S. companies for cooperation in U.S. LNG projects.

Kogas signed the document on Wednesday ahead of a planned summit meeting between South Korean President Moon Jae-in and his U.S. counterpart Donald Trump in Washington.

The deal was signed with US energy giant ExxonMobil, Energy Transfer, that is developing the Lake Charles LNG project with Shell, and the Alaska Gasline Development Corp, that is planning to build the Alaska LNG export project.

At the same time, South Korean energy conglomerate SK Group signed a memorandum of understanding with General Electric to jointly develop U.S. shale gas fields.

The partnership with GE will help SK Group bring in U.S. liquefied natural gas to South Korea as well as onsell it to other countries amid growing U.S. LNG exports, SK Group said.

The conglomerate plans to invest 1.8 trillion won ($1.6 billion) in the United States over the next five years and would seek up to 5 trillion won worth of potential investment opportunities.

The deal would also help the United States export about 2 trillion won of U.S.-sourced LNG per year and narrow a trade gap between the two countries, SK Group said.

LNG World News Staff