Korea's KOGAS Expands Cooperation with Japan's JERA in LNG Sector
KOGAS announced on April 10 that it signed a business agreement with JERA, a global energy company with the world’s largest LNG purchasing power, as a follow-up to the Korea-Japan summit on April 7.
JERA, established in 2015 as a joint venture between Japan’s Tokyo Electric Power Company and Chubu Electric Power Company to procure LNG fuel, supplies 30 percent of Japan’s electricity. It is a global LNG giant that competes for first place with KOGAS of Korea in terms of annual LNG trading volume of 37 million tons as of March 2022.
The two companies will work to establish a supply-demand response cooperation system for energy security, including joint purchasing and trading of LNG and the use of each other’s vessels to optimize transportation, share LNG project information, and jointly explore opportunities for participation in projects.
In particular, the agreement lays the foundation for joint responses to supply crises in the Far East in winter through LNG swaps.
Article by By Jung Suk-yee (www.businesskorea.co.kr)
Similar News
