Regional LNG: KOGAS receives bids from 12 firms for LNG supply: Report
Wednesday, October 6 2004 - 11:50 AM WIB
South Korea's state gas monopoly Korea Gas Corp (KOGAS) said it had received bids from 12 firms to supply 6 million tons of liquefied natural gas (LNG) annually for 20 years, Asia Pulse reported Wednesday.
The bids were received from Indonesia, Malaysia, Oman, Qatar, Brunei, Australia, Algeria, Iran and Russia.
According to the report, KOGAS will pick two or three preferred bidders this month, while terms of the deal are expected to be finalized this year, with the actual deals to be signed in February next year.
The deal would allow KOGAS to receive LNG from about two suppliers for 20 years, starting in January 2008.
"Our biggest priority will be choosing a long-term LNG supplier with a low price," a KOGAS official said.
South Korea is the second-biggest importer of LNG in the world.
In 2003, it imported 19 million metric tons, or 15.4 percent of the world's total consumption. (*)