Korean public LNG company Korea Gas Corporation (KOGAS) and French energy giant TotalEnergies have signed an LNG trading business deal, reports Offshore Energy.
About the deal
On 15 June, KOGAS said in a statement that it signed a memorandum of understanding with TotalEnergies to lay the foundation for strategic long-term cooperation on LNG.
The signing ceremony took place in Singapore, the location of TotalEnergies Gas and Power Asia (TEGPA), a subsidiary of TotalEnergies.
The two companies decided to specifically work together on LNG marketing and shipping; exploring trading-related business opportunities such as sharing LNG market trends; establishing a cooperative system to strengthen energy security.
In consideration of the recent volatility in the energy market, a consensus was formed on the need to pursue LNG trading and strategic diversification in the short term and aim for stable energy security in the long term.
The parties will also explore the development of potential projects and businesses on hydrogen and renewables, and their derivatives value chain businesses.
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe
Source: Offshore Energy
