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Total announced that its gas trading affiliate Total Gas & Power Ltd. has signed an agreement with South Korean national company Korea Gas Corp. (Kogas) for the purchase of 0.7 MM metric tons per year of LNG from the Sabine Pass terminal in Louisiana for 20 years.
The LNG will be lifted following the startup of the Sabine Pass terminal’s liquefaction train 3, which is scheduled for commissioning in 2017.
“The agreement will enable us to meet the needs of our customers worldwide as effectively as possible,” said Philippe Sauquet, Total’s president of gas and power. “With this agreement, we are consolidating our leadership in a growing LNG market and taking a position in an LNG export market that is emerging in the US. The execution of this new long-term agreement between Total and Kogas also strengthens the ties between our two companies. It follows on from the recent acquisition by Kogas of an interest in the GLNG project in Australia and the execution of a sale and purchase agreement between Total Gas & Power and Kogas for 2 million metric tons per year of LNG.”
Total has also negotiated a cooperation agreement with Sabine Pass Liquefaction that will help to further expand the liquefaction capabilities being developed adjacent to the Sabine Pass LNG terminal.