A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Seung-Il Cheong, President and Chief Executive Officer of KOGAS, took place today at the 4th Eastern Economic Forum in Vladivostok.
The parties discussed the state of and the prospects for wider cooperation between the companies. Special attention was paid to natural gas supplies to South Korea. Pointing to the gas demand growth in the Republic, the parties considered the prospects of increasing LNG imports to the country in the long term. In 2017, Sakhalin Energy Investment Company Ltd. had supplied South Korea with 1.9 million tons of LNG. In the first half of 2018, the supplies amounted to 1.2 million tons.
It was emphasized at the meeting that the companies intended to continue the scientific and technical dialogue on LNG transportation, storage and utilization, pipeline gas technologies, as well as hydrocarbon exploration and production.
KOGAS is focused on the construction and operation of LNG receiving terminals and gas distribution networks, the implementation of international gas projects, and research and development in the gas industry.
In 2016, Gazprom and KOGAS inked an Agreement of Cooperation. The document envisages a broader cooperation in the field of LNG supplies and reflects the parties’ intention to implement joint projects in LNG production, transportation and regasification and in gas-fired power generation. In addition, the Agreement outlines the key avenues of cooperation, including in research and development, energy efficiency, environmental protection, and the NGV sector.
In 2005, Sakhalin Energy Investment Company Ltd. and KOGAS signed the contract for the supply of 1.5 million tons of LNG per year from the Sakhalin II project.