Korea seeks pact on LNG import contract transfer: Report
Friday, February 8 2002 - 07:39 AM WIB
South Korea plans to spin off Korea Gas' wholesale and import division into three entities of which two will be put up for sale this year, but the plan still requires parliamentary approval of a revised law.
The Ministry of Commerce, Industry and Energy will send a joint team including officials from related ministries and Korea Gas to Indonesia, Malaysia and Brunei between February 18 and March 23 and to Qatar and Oman in early March.
"We need to discuss with the suppliers about any possible changes which could happen to import contracts Korea Gas holds when the company transfers the contracts after the privatisation," the energy official was quoted as saying by Reuters.
A 21-year contract for 2.3 million tonnes of LNG with Indonesia ends in 2007 and Korea Gas has two more long-term contracts with the largest term supplier -- a two-million-tonne supply contract between 1994 and 2014 and a one-million-tonne contract to 2017 from 1998, he said.
Combined long-term supplies by the four other countries amount to 11.6 million tonnes, he added. (*)