Australia and South Korea to sign billion dollar #LNG deals

Korea Gas Corporation has received government approval to sign billion dollar LNG deals with Shell and Total.

According to The Australian, the two deals, worth $US84 billion, will see South Korea importing 3.64 million metric tons of LNG per year from Shell’s Prelude gas project and 2 million tons per year from Total’s Ichthys project and other gas fields.

The deals are the biggest in South Korea’s history and are equivalent to 17% of Korea’s gas consumption in 2010.

According to CNBC, South Korea is the world’s second largest LNG buyer and Korea Gas Corporation is the world’s largest corporate LNG buyer.

News Ltd reports the deal is expected to be signed in September.

LNG Outlook Australasia is in Perth in November and is must-attend event to hear the latest Australian LNG news. The brochure can be downloaded here.