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S Korea approves 2 LNG deals with Shell, Total

08-17-2011 15:19 BJT

SEOUL, Aug. 17 (Xinhua) -- South Korea approved Wednesday two liquefied natural gas (LNG) deals with the Netherlands-based energy company Shell and French energy firm Total, the economy ministry said.

The Korea Gas Corp. (KOGAS) will purchase a total of 5.64 million tons of LNG per year from Shell and Total once the deals were signed within next month following the approval, the Ministry of Knowledge Economy said in a statement.

Under the proposed deal with Shell, the KOGAS will annually buy 1 million tons of LNG that are produced in Nigeria and Russia starting 2013, and then purchase 3.64 million tons of natural gas for 20 years from as early as 2015 when Shell is expected to begin producing LNG in Prelude mine in Australia.

The deal with Total will supply 2 million tons of LNG to South Korea between 2014 and 2031, which will be produced in Ichthys mine in Australia as well as in Norway, Nigeria and Egypt.

The deals, which are the largest amount in the nation's history, account for 17 percent of the country's total consumption, according to the statement. The newly supplied LNG will substitute for the 4.7 million tons of LNG deals which are scheduled to expire between 2013 and 2014.

Editor:Wang Xiaomei |Source: Xinhua

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