MUMBAI, SINGAPORE, LONDON and SEOUL, October 9, 2012 /PRNewswire/ --
Gazprom and KOGAS Have Signed an Agreement for the Sale and Purchase of LNG
Gazprom Marketing & Trading Singapore (GM&T Singapore), a wholly-owned subsidiary of Gazprom, has signed a sale and purchase agreement with Korea Gas Corporation (KOGAS), South Korea's largest natural gas company. Under the agreement, GM&T Singapore will supply up to eight cargoes of Liquefied Natural Gas (LNG) per annum to KOGAS in 2013 and 2014, totalling up to 1 million tonnes over the two years. The supply will come from GM&T's diversified portfolio.
Vitaly Vasiliev, Chief Executive Officer of GM&T, said: "As the largest LNG importer in the world, KOGAS is a key strategic partner of Gazprom and we are very pleased to have concluded this medium-term agreement that extends our well-established relationship."
Mr Frédéric Barnaud, Executive Director for LNG & Shipping, added: "This agreement also provides a good basis for further expansion of our commercial portfolio and realising our ambition to be the leading LNG marketer in Asia Pacific. We look forward to partnering with other major energy players in the region willing to build and maintain a secure supply of energy, and meeting the growing demand for LNG in Asia Pacific."
Since its set-up in 2009, GM&TS has grown to become one of the most active LNG players across the Asia Pacific region. It will continue to expand its trading, marketing and shipping activity in the region ahead of equity supplies expected in the latter part of this decade.
About Korea Gas Corporation (KOGAS)
Since its founding in 1983, KOGAS has grown to become the world's largest LNG importer. Its mission is to provide clean, safe and convenient energy to the nation. In keeping with this mission, KOGAS currently operates three LNG terminals and a nationwide pipeline network spanning over 3,022km in order to ensure stable supply for the nation.
KOGAS imports LNG from around the world and supplies it to power generation plants, gas-utility companies and city gas companies throughout the country. It produces and supplies natural gas, purifies and sells gas-related by-products, builds and operates production facilities and distribution network, and explores, imports and exports natural gas for domestic and overseas markets. For further information, please visit: www.kogas.or.kr
About Gazprom Marketing & Trading Limited
Gazprom Marketing & Trading (GM&T) is a UK-registered wholly-owned subsidiary of the Gazprom Group, the world's largest gas company by asset base, accounting for 17% of the world's total natural gas reserves and for about 70% of natural gas reserves in Russia. GM&T is headquartered in London and was established in 1999 to manage Gazprom's marketing and trading activities in the liberalised markets of Europe. It has been trading financial oil products on a number of exchanges since 2006 and can offer 24-hour coverage of the market between Singapore, London and Houston.
About Gazprom Marketing & Trading Singapore Private Limited
Gazprom Marketing & Trading Singapore (GM&TS) started operations in December 2009 as a platform for LNG trading and marketing, shipping and originating carbon reduction projects in the Asia Pacific markets. Since then the Singapore operation has grown to over 60 people as the business extends Gazprom's reach beyond its core portfolio offering by launching trading desks in LPG and currency. GM&TS has secured its reputation in the market through actively trading across India, Japan, Australia, South Korea, Taiwan, China, Malaysia and Thailand.
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SOURCE Korea Gas Corporation (KOGAS)