October 12, 2018 / 12:55 AM / 9 days ago

S.Korea's KOGAS to import 700,000 tonnes/yr from LNG Canada

SEOUL, Oct 12 (Reuters) - South Korea’s state-run Korea Gas Corp (KOGAS) will import 700,000 tonnes per year of liquefied natural gas (LNG) from the LNG Canada project, led by Royal Dutch Shell, from around 2024 over 40 years, its vice president said on Friday.

“We will import 700,000 tonnes annually from around 2024 for 40 years and the volume is based on our share of the project,” Lim Jong-kook, vice president of KOGAS, told Reuters on the sidelines of a forum in Seoul.

The LNG Canada project worth C$40 billion ($30.71 billion), on the west coast of Canada, received the green light in early October from its partners including PetroChina and KOGAS. The project will consist of two LNG production facilities that are expected to export about 14 million tonnes per year of the super-chilled fuel.

KOGAS, which holds a 5 percent share of the project, said last week it would invest 749.86 billion won ($660.06 million) in the project.

Lim added the deal has destination flexibility and would allow KOGAS to sell excess volumes to third parties as the company is one of the partners of the project.

When asked about this year’s South Korea’s LNG imports, Lim said it is expected to be “similar to last year.”

In 2017, South Korea, the world’s third-largest LNG importer, brought in 37.6 million tonnes of LNG, according to customs data. For the first eight months of this year, the country’s LNG imports rose 13.6 percent to 28.35 million tonnes over the same period a year earlier. ($1 = 1,136.0400 won) ($1 = 1.3025 Canadian dollars) (Reporting By Jane Chung; Editing by Sunil Nair)

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