Two major Asian industrial gas and energy associations have joined forces to advance the development of natural gas in Asia and the role of liquefied natural gas (LNG) in the energy transition.
Having entered into a Memorandum of Understanding (MOU), the Asia Natural Gas and Energy Association (ANGEA) and the Korean Private LNG Industry Association will focus on sustainable policy development, shared research and collaborative projects, including joint efforts at forums such as Gastech.
Formed in 2021, the Private LNG Industry Association represents key players in Korea’s LNG sector, including SKE&S, SK Gas, and GS Energy.
“ANGEA is very pleased to enter into this MOU with the Private LNG Industry Association and we look forward to working together constructively,” said Paul Everingham, CEO of ANGEA.
“LNG has long been a source of reliable energy for South Korea and ongoing supply will be essential to the country’s energy transition.”
The third largest importer of LNG globally, after Japan and China, South Korea has been actively pursuing LNG partnerships globally.
This aligns with the Private LNG Industry Association’s target to expand globally.
“We expect this MOU to serve as a catalyst for domestic companies to strengthen partnerships with global energy firms and promote their global expansion. We plan to provide maximum support for our members to actively enter international markets,” said Chang-kyu Kim, Vice President of the Korean Private LNG Industry Association.
South Korean companies have signed long-term LNG supply contracts with US producers, benefitting from the shale gas boom. For example, Korea Gas Corporation (KOGAS) has inked deals with companies like Cheniere Energy to secure LNG supply for several decades.
South Korean companies have also been major buyers of Qatari LNG in addition to investing in Australian LNG projects.
Equipped with a strong LNG market, the country imported around 55 million tonnes of LNG in 2023, making it one of the largest LNG importers globally.
While mainly an importer, South Korea is exploring opportunities to re-export LNG to neighbouring countries.
