Corrects total volume of LNG supplied in paragraph 2
BP has signed another long-term LNG sales and purchase agreement with South Korean state-owned importer Kogas, the former said today.
BP will provide Kogas with up to 9.8mn t of LNG over 11 years from mid-2026 on a des basis. But other details regarding pricing and the origin of the contracted supplies were not available.
This most recent deal is in addition to the existing long-term sales and purchase agreement between the two companies that was signed in 2022. Kogas on 22 April 2022 signed an 18-year LNG purchase agreement to buy 1.58mn t/yr of LNG from BP that will begin in 2025.
Australian independent Woodside Energy and Kogas in February signed a sales and purchase deal for term supplies of LNG to South Korea. The deal for 500,000 t/yr on a des basis will start in 2026 and run for 10½ years.
Kogas may be seeking more imported term supply as the firm has increased its downstream contractual supply deals. Kogas signed a series of deals to supply gas to subsidiaries of the country's state-controlled utility Kepco in December 2023.
