KOGAS-BP deal
KOGAS signs 10-yr LNG purchase deal with BP
SEOUL, May 22 (Yonhap) -- Korea Gas Corp. (KOGAS), the country's state-run gas utility, said Friday it has signed a deal to purchase 700,000 tons of liquefied natural gas (LNG) annually for 10 years from BP plc.
The purchases will begin in 2028, the company said.
The contract with BP comes after KOGAS signed a separate agreement in August last year to import 3.3 million tons of LNG annually from the United States for 10 years starting in 2028.
KOGAS said the latest contract is expected to help diversify the country's energy supply sources and stabilize gas prices amid rising uncertainties stemming from the prolonged crisis in the Middle East.
This undated file photo provided by Korea Gas Corp. (KOGAS) shows officials from KOGAS and BP plc. posing for a photo after signing an energy sale purchase contract. (PHOTO NOT FOR SALE) (Yonhap)
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