Total, KOGAS Extend Cooperation on LNG
Korea Gas Corp, the world’s biggest importer of LNG, has struck deals with French giant Total to extend its reach into the liquefaction sector, reports Reuters.
Total has pledged to press forward with investment in LNG despite the downturn in oil and gas prices and has signed a new agreement with South Korean utility company Kogas to explore mutual opportunities across the LNG value chain.
The agreement is designed to jointly identify and pursue opportunities to develop the LNG market in Asia and in new importing countries, Total said in a statement.
Total chief executive Patrick Pouyanné said the company would be "willing to invest in new projects tomorrow" and remains committed to a long-term approach. "Total should invest when oil and gas prices are low," he said.
Total and Korea Gas are partners in the $18.5 billion Gladstone LNG project in Australia alongside other companies including Santos and Petronas.
Total and Kogas will explore new opportunities across the value chain, aiming to develop the LNG markets in Asia and in new importing countries, and to co-operate in LNG trading and terminal optimisation.