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Woodside has signed a sale and buy settlement (SPA) with Korea Gasoline Corp. (KOGAS) for the long-term provide of LNG to Korea.
The SPA supplies for the availability of roughly 0.5 million tpy of LNG for a interval of 10.5 years on a delivered foundation, commencing in 2026 topic to customary situations precedent.
LNG delivered to KOGAS below the SPA will likely be sourced from uncommitted volumes throughout Woodside’s international portfolio, together with the Scarborough Power Mission which is focusing on first LNG cargo in 2026.
Woodside CEO, Meg O’Neill, stated the SPA was vital as Woodside’s first long-term provide settlement into Korea, the world’s third-largest LNG market.
She stated the settlement strengthened the continued contribution of Woodside’s LNG in the direction of the vitality safety wants of main prospects within the area.
“Woodside is happy to be a long-term provider of LNG to KOGAS, a number one international vitality firm and one of many world’s largest LNG importers.
“This settlement is additional demonstration of ongoing sturdy demand for Woodside’s merchandise from main vitality prospects in our area.
“Our LNG will help prospects akin to KOGAS meet their vitality safety wants, whereas additionally supporting regional decarbonisation objectives.”
KOGAS President and CEO, Choi Yeon-hye, stated she was happy to conclude the SPA with Woodside.
“This SPA has enabled KOGAS to enlarge the shopper base within the home energy market, reinforcing our position as a number one pure gasoline provider in Korea.
“By leveraging this SPA, we stay up for additional increasing our enterprise alternatives with Woodside within the LNG trade.”
Learn the article on-line at: https://www.lngindustry.com/liquid-natural-gas/01032024/woodside-and-kogas-sign-agreement-for-long-term-lng-supply/
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