South Korea and Oman sign gas deal

Oct 29, 2007 01:00 AM

South Korea's state-run gas corporation said it signed a preliminary deal to import an additional 2 mm tons of liquefied natural gas (LNG) from Oman that could help ensure a steady supply of the key energy resource.
Korea Gas said its president Lee Soo-ho signed the Memorandum of Understanding (MoU) with Oman's Minister of Oil and Gas Mohammed bin Hamad al Rumhy in the Middle Eastern country's capital Muscat.

South Korea imports about 25 mm tons of LNG every year, with 4.1 mm tons coming from Oman. If a formal agreement is signed, Seoul will be able to boost LNG imports by 8 % on an annual basis.
The extra gas imports may arrive late next year since they are to be supplied by making full use of Oman's reserve gas production capability. This means relatively quick delivery of gas without building new infrastructure or reducing supplies to any other country.

The MoU also calls for South Korea and Oman to jointly develop oil and gas fields in other countries as well as build and run gas processing facilities.

Source: Asia Pulse Pte Ltd
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