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Trafigura to sell LNG to South Korea’s Kogas

  • Märkte: Natural gas
  • 26.08.25

Trafigura has signed a long-term supply purchase agreement (SPA) to supply LNG to South Korean major importer Kogas, the firm said on 25 August.

Trafigura will supply Kogas with about 700,000 t/yr of LNG under the SPA, traders said, but the exact volume is unclear. The deal was signed at around 120-121pc of the US Henry Hub with an exact constant heard to be around $4.20/mn Btu, traders added.

Trafigura's supply to Kogas "over the next decade" will come from its offtake agreements with LNG producers — including Cheniere Energy — among Trafigura's global LNG portfolio, the firm said.

This deal also serves to diversify Kogas' import channels and contribute to the stability of South Korea's energy supply, Kogas' chief executive Yeonhye Choi said.

Kogas may also be close to finalising separate SPAs with TotalEnergies and BP for around 1mn t/yr of LNG, respectively. The final offer from TotalEnergies was understood to be on a des basis at a slope of about 119pc of the Henry Hub with a constant of around $4/mn Btu, traders said. Meanwhile, the final offer from BP was understood to be on a des basis, around low to mid-11pc of Brent, traders added.

The offers are on the lower end because Kogas tends to offer more flexibility to its suppliers in the contracts, traders said. Kogas can offer this flexibility because it owns multiple terminals and storage facilities across South Korea and typically buys in large quantities, they added.

These term deals are understood to be part of an earlier tender that Kogas issued in May 2024 seeking term LNG supply, traders added.


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