TotalEnergies and KOGAS, South Korea’s national natural gas company, announce the signing of a heads of agreement (HoA) for the annual delivery in South Korea of 1 million tonnes (mt) of LNG per year over a 10-year period starting from the end of 2027.
Awarded to TotalEnergies by KOGAS following an international tender, this contract increases to 3 mt per year from 2028 onward the volume of LNG supplied by TotalEnergies to KOGAS, currently the world’s largest LNG importer. These additional LNG volumes will then be delivered to Korean industries, businesses, and households. They will come from TotalEnergies’ global supply portfolio, and particularly from its US LNG production and offtake.
Patrick Pouyanné, chairman and CEO of TotalEnergies, says: ‘We thank KOGAS for its trust in TotalEnergies’ ability to supply its Asian customers with reliable and competitive LNG through its global portfolio. This agreement enables TotalEnergies to secure long-term outlets in Asia, consistently with the growth of its LNG supply, particularly from the United States.’
Yeonhye Choi, president and CEO of KOGAS, adds: ‘We are pleased to finalise this agreement with TotalEnergies, which not only enhances the economic value of our LNG portfolio but also contributes to diversifying our sources of LNG supply. This engagement reinforces our commitment to securing a stable LNG supply amid a rapidly changing global energy landscape. We look forward to further strengthening our relationship with TotalEnergies to support a sustainable LNG value chain.’
