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Biz News Korea(Eng)
South Korea, China strengthen tie in natural gas business
- Collected
- 2017.12.19
- Distributed
- 2017.12.20
- Source
- Go Direct
Korea Gas Corp. (KOGAS) said on Monday it signed a memorandum of understanding with China National Petroleum Corp. (CNPC) in Beijing to strengthen cooperation in natural gas division.
China’s largest petroleum and natural gas firm CNPC is a global energy company that engages in a wide range of businesses including crude oil and natural gas exploration and production, refining, petrochemicals, gas pipe construction and management, engineering and construction.
The two state-owned companies have already teamed up to jointly participate in LNG liquefaction projects in Mozambique and Canada. President Moon Jae-in’s visit to China last week gave momentum to expand business ties, an official at KOGAS said.
Under the enhanced partnership, the two will cooperate in LNG tank construction, LNG terminal tests, education and training for workers to ensure stability in gas supplies. They will jointly address price handicaps for Northeast Asian buyers of natural gas and create natural gas market in Northeast Asia. Northeast Asian countries like Korea, China, Japan and Taiwan usually pay higher prices for LNG than North American and European counterparts due to lack of common market.
KOGAS also discussed bolstering technical cooperation for resource development with China’s Sinopec Group and Beijing Gas and reviewed area of cooperation in LNG trading with China National Offshore Oil Company.
By Ko Jae-man and Lee Ha-yeon
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