Korea Gas Corporation (KOGAS) said it has signed a business agreement on liquefied natural gas (LNG) trading with Total at a ceremony in Singapore. The two companies have maintained close cooperation with long-term LNG contracts.
The two companies would join forces in finding business opportunities related to trading such as LNG marketing and shipping, sharing LNG market trends, and establishing a cooperative system to strengthen energy security. They agreed to promote short-term LNG trading and strategic diversification and secure stable energy in the long term.
"We will do our best to improve the national energy welfare by focusing on the introduction of price-competitive natural gas and the management of stable supply and demand by strengthening trading capabilities through the establishment of strategic partnerships," KOGAS CEO Chae Hee-bong said in a statement on June 16.
KOGAS said that Total's expertise in various LNG purchase marketing strategies and risk management techniques can be utilized for active trading through the development of potential projects and business models.
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