Korea Gas Corporation News

Woodside has signed a sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) for the long-term supply of LNG to Korea.The SPA provides for the supply of approximately 0.5 million tonnes per annum of LNG for a period of 10.5 years on a delivered basis, commencing in 2026 subject to customary conditions precedent.LNG delivered to KOGAS under the SPA will be sourced from uncommitted volumes across Woodside’s global portfolio, including the Scarborough Energy Project which is targeting first LNG cargo in 2026.Woodside CEO Meg O’Neill said the SPA was significant as Woodside’s first l

Flowserve Corporation (FLS), a provider of flow control products and services for the global infrastructure markets, has entered into a five-year contract with Shell Australia to provide general maintenance services for Shell’s Prelude Floating Liquified Natural Gas (FLNG) facility, which is producing natural gas from an offshore field in Western Australia.A press release from the American multinational corporation said that it will support Prelude from its recently refurbished Quick Response Center (QRC) in Darwin, the capital of Australia’s Northern Territory.Flowserve QRCs are dedicated maintenance, repair and manufacturing workshop facilities that provide customers with responsive, local support.

South Korean public natural gas company Korea Gas Corporation (Kogas) and Vietnam-focused development and asset management company Energy Capital Vietnam (ECV) have entered into a memorandum of understanding (MOU) for the development of a privately-funded LNG regasification terminal in Vietnam.The MOU also covers the development of a storage facility, gas supply system, and a 3,200 MW gas-fired power project near Mui Ke Ga, Binh Thuan Province, Vietnam, said a press note.The MOU contemplates KOGAS and ECV working together to optimize their efforts to meet the significant LNG demand growth forecasted for Vietnam. The scope of the MOU covers matters relating to cooperation and collaboration for the Project.David Lewis…

The global LNG bunkering market was valued at approximately USD 397.70 million in 2017 and is expected to generate revenue of around USD 11899.60 million by the end of 2024, growing at a CAGR of around 59.4% between 2018 and 2024.LNG bunkering is experiencing the highest growth rate in developed as well as developing countries, said a report by Zion Market Research.Escalating number of vessels using LNG owing to the need for cleaner fuels in compliance with the stringent government regulations in order to reduce air pollution and maintain sustainability is the main driver that is boosting the growth of the market. This particular factor is driving the development of the LNG bunkering market.The regulatory organization the International Maritime Organization (IMO) in 2012…

The global Liquefied Natural Gas (LNG) as a bunker fuel market was valued around US$ 550 million in 2017, and is expected to register a CAGR of over 8.5%. The bunker fuel market revenue value is exprected to reach US$ 1,263.2 million in 2026.According to a market research report, based on the region the market is segmented into US, Europe, China, India, Japan, and Southeast Asia. Europe market is expected to dominate the global LNG as a bunker fuel market, and it accounts for largest market revenue over US$ 260 mn in 2017 as compared to that of markets in other regions.Dominance by Europe market is expected to continue over the forecast period with comparatively higher CAGR than that of other regions…

The global LNG as a bunker fuel market was valued around US$ 550 million in 2017, and is expected to register a CAGR of over 8.5%.The first five-year cumulative revenue (2017-2021) is projected to be USD 3.4 bn which is expected to increase significantly over the latter part of the five-year forecast period, said a research report by Marketresearch.LNG ships is expected to be the major application segment in the global LNG as a bunker fuel market. LNG fueled ships emit zero sulphur oxide emissions along with decline in carbon dioxide gas release by 25%, these are primary factors promoting the use of LNG as fuel in marine transport."LNG is used as a marine fuel and it offers various advantages for the ships. LNG as ship fuel will reduce sulphur oxide (SOx) emissions by 90% - 95%.

Poland's state-owned gas company Polish Oil & Gas Company (PGNiG) and Port Arthur LNG, LLC, a subsidiary of Sempra Energy, have entered into a definitive 20-year sale-and-purchase agreement for liquefied natural gas (LNG) from the Port Arthur LNG liquefaction-export facility under development in Jefferson County, Texas. The agreement defines basic terms and conditions of a 20-year contract to be finalized between the parties for the sales and purchase of two million tonnes per annum (Mtpa) of LNG, which equals about 2.7 billion cubic meters (bcm) per year of natural gas following regasification."This agreement is an important milestone as Sempra Energy pursues its long-term goal of exporting 45 million tonnes per annum (Mtpa) of North American LNG…

Liquefied natural gas (LNG) ships is expected to be the major application segment in the global LNG as a bunker fuel market.According to a market research report, LNG fueled ships emit zero sulphur oxide emissions along with decline in carbon dioxide gas release by 25%, these are primary factors promoting the use of LNG as fuel in marine transport.LNG is used as a marine fuel and it offers various advantages for the ships. LNG as ship fuel will reduce sulphur oxide (SOx) emissions by 90% - 95%, said marketresearch.Lower carbon content of LNG compared to conventional ship fuels enables a 20-25% reduction of carbon dioxide (CO2) emissions.

The global liquefied Natural Gas (LNG) bunkering market is expected to witness a CAGR of 62.5% over the forecast period 2017-2023, and is projected to reach USD 24,684.7 million by 2023.The key factors driving the growth of LNG bunkering market are increase in LNG demand in order to reduce the carbon footprint in the shipping industry stringent international emission policy, the best cost- effective alternative fuel and significant rise in government initiatives supporting LNG adoption.According to a research report from Energias Market Research, the ferries and offshore service vessel will dominate the LNG bunkering market during the…

South Korean state-owned Korea Gas Corporation (KOGAS) will invest 10 trillion won (US$8.84 billion) by 2025 to expand its natural gas capacity and infrastructure for hydrogen vehicles and other clean energy sources, reports Yonhap.Kogas, which has a monopoly on domestic natural gas sales,  unveiled a long-term business plan on the 35th anniversary of its foundation as it expects to play a greater role under the government’s energy transformation policy. The world’s second-largest importer of LNG said it will buy LNG at cheaper prices in future contracts and make joint efforts with other Asian buyers to have greater bargaining power…

Global LNG imports rose by 20 percent in 2017; new demand emerges across South, Southeast Asia. Soaring gas demand from China, India and Southeast Asia is sucking up an LNG supply glut previously expected to last for years, opening opportunity for new production from East Africa to North America that had been deemed part of the overhang. Trade flows in Eikon show global liquefied natural gas (LNG) imports have risen 40 percent since 2015, to almost 40 billion cubic metres (bcm) a month. Growth accelerated in 2017, with imports up by a fifth, largely due to China, but also South Korea and Japan. Asia's LNG market has been glutted since 2015, following massive development that began in the early 2000s.

Global LNG Bunkering market is expected to grow from $248.64 million in 2016 to reach $8187.35 million by 2023 with a CAGR of 64.7%. According to Stratistics MRC, growing marine logistic business, cost efficient LNG products, and imposing environmental regulations on chemical emissions are some of the factors bolstering the market growth. In addition, easy deployment facility is another factor fuelling the market growth. However, higher capital investments, poor bunkering infrastructure are the factors inhibiting the market growth. Offshore Support Vessels (OSVs) segment is anticipated to be the largest market for the global LNG Bunkering market during the forecast period. The growth is attributed to feasible operations during shipping and loading.

Korea Line Corporation (KLC) has secured a KRW 1.27 trillion (USD 1.1 billion) contract to transport liquefied natural gas (LNG) for its compatriot Korea Gas Corporation (KOGAS).   Yonhap reported that under the deal with Korea Gas Corp. (KOGAS), Korea Line will transport LNG through May 30, 2037, the company said in a regulatory filing.   Other details of the contract were not revealed. In 2013, Korea Line was taken over by SM Group, a midsized shipping group.   Korea Line currently operates some 30 vessels, hauling goods, such as iron, ore, crude oil and cars, and its financial status drastically improved after being taken over by SM Group.

South Korea’s Kogas  (Korea Gas Corporation) has signed a memorandum of understanding (MoU) with the Mexican state of Yucatan to construct an liquefied natural gas (LNG) terminal and gas pipelines that would be worth up to $1.5 billion in a package deal.    The LNG terminal will be built in the port city of Progreso in Yucatan, and gas pipe lines will be installed between the terminal to cities such as Merida and Cancun to supply LNG gas. The project is expected to be worth in between $1 billion and $1.5 billion.    The MOU was signed August 9 by Kogas’ president and the governor of the state.    According to Reuters, Kogas intends to conduct a feasibility study looking into demand for gas in the region before making a decision to move forward with the project.

A group of South Korean companies including shipbuilders have come together to establish an association dedicated to developing liquefied natural gas (LNG) bunkering facilities and infrastructures including LNG-fueled vessels, says a report in the Pulse. Last week, officials representing 21 private and state-run entities in Korea gathered to attend the inaugural meeting of the LNG Bunkering Industrial Association. They were from major shipbuilding and energy companies including Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co., Korea Gas Corporation, Posco Co., Samchully Corp., GS Energy Corp. and SK Energy Co.

Transparency Market Research (TMR) have given a detailed insights and analysis of the global market for LNG bunkering fuel in its recently published market research report. On the basis of capacity, the market, which had a valuation of mere 70 kilo tons in 2013, is projected to expand at an astounding 63.6% CAGR between 2014 and 2025 and reach 22,540 kilo tons by 2025. The report includes an analysis of market’s historical statistics to present an overview of the growth trajectory exhibited by the global LNG bunkering market over the past few years and forecasts the course the market is likely to adopt over the report’s forecast period.

ABS has been selected to class two Liquefied Natural Gas Carriers (LNGCs) for SK Shipping, featuring the KC-1 cargo containment system (CCS). The agreement brings to five the number of LNGCs to be built to joint ABS/KR class for Korea Gas Corporation (KOGAS), the world's largest LNG importer. "ABS has a long association with South Korea's shipowners and shipbuilders and has supported them as they push the development of ships and systems to new levels of innovation and efficiency," says ABS Chairman, President and CEO Christopher J. Wiernicki. Two 174,000 cu m LNGCs will be built with the KOGAS-developed KC-1 CCS for SK Shipping at the Samsung Heavy Industries yard in South Korea.

Indonesia’s $2.8 billion Donggi-Senoro LNG project has shipped its first cargo of the chilled gas on August 2, Mitsubishi Corp, which holds about 45 percent of the project, stated. The $2.9 billion project, with LNG production capacity of 2 million-tonne-per-year (mtpa), is one of several major gas infrastructure projects that the country hopes will meet mushrooming energy demands at home and around the region. After 4.5 years of development, the LNG plant operation started June 24 and the first LNG shipment was made to Indonesia's state energy firm Pertamina's Arun LNG receiving terminal, Mitsubishi, which holds around 45 percent of the project, said in a statement.

DNV GL Korea, the technical advisor to the oil and gas industry, has been awarded a technology qualification (TQ) contract with Korea Gas Corporation (KOGAS) for a FEED Package for a 5MTPA onshore LNG liquefaction plant based on the innovative KSMR liquefaction process. KSMR is a new natural gas liquefaction process and is for LNG plants and floating LNG due to its compactness. A pilot KSMR LNG liquefaction plant of 100 tonnes per day is being constructed by KOGAS to verify the operability and the efficiency at the Incheon LNG receiving terminal in Korea. KOGAS has invited DNV GL to perform a TQ in line with DNV GL’s Recommended Practice DNV-RP-A203.

LNG Canada, a joint venture led by Royal Dutch Shell, said on Tuesday that it had awarded the design and eventual construction of its planned liquefied natural gas (LNG) export project on Canada's west coast to CFSW LNG Constructors. The contract covers the front end engineering and design work, as well as the execution of the multi-billion dollar project, pending a final investment decision. That final go or no-go call is not expected until mid-decade. LNG Canada is just one of more than a dozen export terminals planned for British Columbia's rugged Pacific coast, as energy companies look to ship cheap Canadian gas to Asia. The project…

Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Engineering and Construction Group, in joint venture with affiliates of Chiyoda Corporation, Saipem S.p.A. and WorleyParsons Limited (“CFSW JV”), has been awarded a contract by LNG Canada Development Inc. (“LNG Canada”) for the provision of front-end engineering design (“FEED”) and project execution services for a proposed liquefied natural gas (LNG) export project, known as the LNG Canada Project, in Kitimat, British Columbia. The contract value was not disclosed. Foster Wheeler’s portion of the FEED phase will be included in the company’s second-quarter 2014 bookings.

Yoon Sang-Jick, Minister of Trade, Industry, and Energy (MOTIE) of Korea, held a meeting to check pending issues faced by Korean shipbuilding and offshore plant industry at Seoul Palace Hotel recently. The meeting was intended to examine current status of overseas and home industry and seek response proposals. Some 20 presidents from allied organizations attended, such as MOTIE, the Ministry of Oceans and Fisheries (MOF), the Ministry of Employment and Labor (MEL), shipbuilding and offshore plant industry…

ABS has granted extended general design approval for the KC-1 LNG cargo containment system (CCS). The new membrane type will be installed on newbuild LNG carriers currently on order for Korea Gas Corporation (KOGAS), the world's largest LNG importer. The new LNG CCS design is a corrugated membrane type based on KOGAS' membrane containment system technology used for land-based LNG storage tanks. KOGAS developed the design concept for the KC-1 CCS in cooperation with the DSME, Samsung Heavy Industries and Hyundai Heavy Industries shipyards based in South Korea. Beginning in 2005 and expanded in 2008 and 2013 to cover additional components…