Monday, May 19, 2008
Gazprom extends Korea supply deal
19 May 2008 - Upstream OnLine - Russia’s Gazprom, the world’s biggest natural gas producer, has extended a supply deal with Korea Gas, the world’s biggest buyer of liquefied natural gas, to 2013, it was reported. Korea Gas said today it would continue to work with Gazprom, a state-owned gas export monopoly, to develop gas projects in Russia and to build a LNG plant, Bloomberg reported. Korea Gas is reported to be seeking 1.5 million tonnes of LNG per year from the Gazprom-led Sakhalin 2 project as part of a plan to diversify its energy suppliers. However, first shipments of LNG from the project have been delayed from the second half of this year to 2009. The original 2003 deal between Gazprom and Korea Gas was to expire at the end of this month.