Officials from KOGAS and TotalEnergies during the deal signing ceremony. Credit: KOREA GAS CORPORATION.

State-run Korea Gas (Kogas) has signed a deal with France’s TotalEnergies to enhance liquefied natural gas (LNG) trading and optimisation in a bid to increase South Korea’s energy security.

The memorandum of understanding (MoU) provides a formal framework for long-term cooperation between the two firms to discuss and explore the joint business development opportunities, Reuters reported, citing a Kogas statement.

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Kogas and TotalEnergies will work together on LNG marketing and shipping, explore business opportunities in trading such as sharing LNG market trends, and launch a cooperative system to boost energy security.

Kogas was cited by the news agency as saying: “The two companies, directly and through their affiliates Kogas International (KI) and TotalEnergies Gas and Power Asia (TEGPA), have a strong track record of cooperation in LNG procurement for the Korean market and in optimising Kogas volumes out of Sabine Pass in the United States.”

As a part of the MoU, the companies will also explore the development of potential projects and business transactions related to low-carbon hydrogen, renewables, and their derivative value chain businesses.

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Korea Gas Corporation president Chae Hee-bong said: “This agreement is a valuable fruit of long-term cooperation between the two companies.

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“We will do our best to improve the nation’s energy welfare by focusing on the introduction of competitively priced natural gas and stable supply and demand management by strengthening trading capabilities through the establishment of a strategic partnership relationship.”

Last month, TotalEnergies signed a 15-year deal to supply 600,000 metric tons of LNG per year to South Korea’s Hanwha Energy, starting in 2024.

TotalEnergies said it will source the LNG from its global LNG portfolio and supply it to the Tongyeong regasification terminal in South Korea.