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KOGAS cashes in on LNG field investment in Australia

Collected: 2017.12.28

Distributed: 2017.12.29

Source: Go Direct

[Photo provided by Korea Gas Corp.]

South Korea’s state-run Korea Gas Corp. (KOGAS) began to cash in on a $4 billion equity investment in Gladstone LNG (GLNG) project in Australia due to surge in natural gas demand, the company said on Wednesday.

GLNG is a LNG field in inner Queensland where coal seam gas is converted into LNG.

KOGAS acquired 15 percent interest in the project for $4 billion, and this year earned $24 million in returns on its equity share apart from its LNG share.

Exports from the liquefaction field had been poor in the past years due to depressed oil prices and the Australian government’s cap on outbound LNG shipment.

This year the plant turned out a combined yield of 5.52 tons and generated 2.4 trillion won in revenue.

KOGAS expects to redeem more than $100 million next year, estimating an operating profit of around 260 billion won from the field.

Stable supply from the Gladstone field has helped to reduce fuel cost for Korea, and the added profit can help to lower gas bills for Korean consumers, the firm said.

Shares of KOGAS on Wednesday closed 1.07 percent down at 41,700 won from the previous session.

By Ko Jae-man and Lee Ha-yeon

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