TotalEnergies has been awarded a contract by South Korea-based national natural gas company KOGAS for the supply of one million tonnes per annum (mtpa) of liquefied natural gas (LNG) for a period of ten years.
The delivery of LNG is set to commence at the end of 2027, as per the heads of agreement.
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TotalEnergies chairman and CEO Patrick Pouyanné said: “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.”
This deal, which follows an international tender, will increase the volume of LNG supplied by TotalEnergies to KOGAS to 3mtpa from 2028.
Additional LNG volumes are set be supplied to various sectors within Korea, including businesses, industries and households.
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By GlobalDataThe LNG will be sourced from TotalEnergies’ global supply portfolio, with a significant portion coming from its US LNG production and offtake operations.
KOGAS president and CEO Yeonhye Choi said: “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.”
This announcement follows TotalEnergies’ agreement in April to supply 400,000 tonnes per annum of LNG to Energia Natural Dominicana, a joint venture between AES Dominicana and Energas, over a 15-year period.
