Korea Gas Corporation Signs Long-term LNG Contract with BP...700,000 Tons Annually from 2028

Following Annual 3.3 Million Tons U.S. LNG Contract, Additional Supplies Secured

"Supply Diversification and Gas Price Stabilization Expected"

On the 21st, Choi Yeonhye, President of Korea Gas Corporation (center), posed for a commemorative photo with Rom Milongo, Head of BP Global LNG Business Division, and Lee Moonhee, Head of Marketing Division at Korea Gas Corporation, after signing the LNG import contract. Korea Gas Corporation.

Korea Gas Corporation has signed a long-term liquefied natural gas (LNG) import contract with the global energy company BP (British Petroleum).

On May 22, Korea Gas Corporation announced that it had signed a contract with BP to import 700,000 tons of LNG annually for 10 years starting in 2028. The signing ceremony was attended by Choi Yeonhye, President of Korea Gas Corporation, Lee Moonhee, Head of Marketing Division, Jerome Milongo, Head of BP Global LNG Business Division, and other officials from both companies.

Following last August's contract to import 3.3 million tons of U.S.-produced LNG annually, the company is accelerating its efforts to expand its long-term import volumes with this latest agreement. The company expects that securing LNG from diverse sources will diversify its existing supply structure and enhance the stability of natural gas imports.

In particular, given the continued upward pressure on international energy prices, the company believes that securing competitively priced LNG in advance will help stabilize domestic natural gas prices in the future.

President Choi said, "This is the result of our efforts to strengthen the stability and price competitiveness of domestic natural gas supply, especially as the importance of energy security continues to grow," adding, "We will continue to do our best to secure a stable foundation for LNG imports going forward."

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