Latest news with #Kogas
Reuters
6 days ago
- Business
- Reuters
South Korea's KOSPO seeks LNG cargo for September delivery
SINGAPORE, July 14 (Reuters) - Korea Southern Power Co (KOSPO) is seeking 3 trillion to 3.7 trillion British thermal units (TBtu), or one cargo, of liquefied natural gas (LNG) for delivery in the first half of September, according to a tender issued by the company. The company is seeking the cargo on a JKM-linked basis to be delivered between September 1-15. It is to be delivered to one of the Kogas-operated terminals in Incheon, Pyeongtaek, Tongyeong or Samcheok. The JKM, or the Japan-Korea-Marker, is the LNG benchmark price assessment for spot physical cargoes in Asia. The tender closes on July 15.
Borneo Post
19-06-2025
- Business
- Borneo Post
Petronas, Kogas sign MOU to drive global energy innovation and sustainability
Photo shows the MOU between Petronas and Kogas, represented by Shamsairi (left), Petronas executive vice president and chief executive officer of gas and maritime, Datuk Adif Zulkifli (middle) and Oh. KUALA LUMPUR (June 19): Petroliam Nasional Bhd (Petronas) and Korea Gas Corporation (Kogas) have strengthened their long-standing partnership with the signing of a memorandum of understanding (MOU) aimed at driving innovation and sustainability within the global energy sector. The MoU not only reinforces Petronas' commitment as a long-term Liquefied Natural Gas (LNG) supplier to Kogas, but also in advancing cleaner energy solutions through opportunities in carbon capture and storage (CCS), renewable energy and hydrogen development to address pressing climate challenges. Vice president of LNG marketing and trading, Shamsairi Mohd Ibrahim said, 'This continued collaboration with Kogas signifies a key milestone in our longstanding partnership and reaffirms our shared commitment in advancing innovative and sustainable energy solutions.' A pivotal advancement in the longstanding partnership established since 1991, Petronas looks forward to driving progress across the energy value chain with Kogas, leveraging their combined expertise to deliver cleaner, more reliable energy to global markets in shaping a low-carbon future. Kogas senior vice president of hydrogen and new business unit, Oh Kwon Taek, also added: 'We hope that today's signing of this MOU will serve as a meaningful milestone, enabling our two companies to combine complementary strengths. 'As we move forward together, we are confident that this partnership will not only contribute to the development of both companies but also play a vital role in promoting sustainable energy solutions.' CCS corporate news oil and gas Petronas renewable energy
Business Recorder
25-04-2025
- Business
- Business Recorder
Global LNG: Asian spot prices hold at 1-year low as demand remains tepid
SINGAPORE: Prices of Asian spot liquefied natural gas (LNG) inched up this week amid production outages in Asia and Europe, but were still hovering at nearly one-year lows on overall tepid demand. The average LNG price for June delivery into north-east Asia was at $11.80 per million British thermal units (mmBtu), estimated industry sources, up from $11.50/mmBtu last week which were its lowest levels since mid-May. There are limited buyers for prompt cargoes, with Chinese and Indian importers taking a back seat as prices are above $11.00/mmBtu, said Argus head of LNG pricing Martin Senior, adding that South Korea is currently the main spot buyer in Asia. 'South Korean demand has stayed strong, with stocks held by the country's state-owned Kogas last heard to be around 20 percent full, which has prompted buying interest not only from Kogas, but also from Komipo, Kospo and Prism,' he said. 'Spot prices are below Kogas' domestic tariff, meaning it can be profitable for private importers to buy cargoes.' On supply, the situation remains healthy despite the recent outage at Petronas' Bintulu LNG complex, said Siamak Adibi, director for gas and LNG supply analytics at FGE. Global LNG: Asian spot prices hold at 1-year low amid supply disruptions Equinor's Hammerfest terminal, Europe's largest LNG export facility, also went offline on Tuesday for planned annual maintenance until July 19. Exports from Venture Global's Plaquemines plant in the U.S. have reached 1 million tons per month, while BP has loaded its first cargo from the Greater Tortue Ahmeyim project offshore Mauritania and Senegal, said Adibi. 'We also expect the startup of LNG Canada from mid-year and a ramp-up in supply from Corpus Christi,' he added, referring to Cheniere Energy's plant in the U.S. In Europe, S&P Global Commodity Insights assessed its daily North West Europe LNG Marker price benchmark for cargoes delivered in June on an ex-ship basis at $10.49/mmBtu on April 24, a $0.70/mmBtu discount to the June gas price at the Dutch TTF hub. Argus assessed the price for June delivery at $10.58/mmBtu. Spark Commodities assessed the May price at $10.376/mmBtu. While Europe's gas demand has started to fall due to a seasonal trend, concerns surrounding storage injections for summer remain, said Florence Schmit, energy strategist at Rabobank London. 'The winter premium to summer contracts is still only trading at around 0.50 euros per megawatt hour, which is not enough to incentivize full injections,' she said. 'What's more, the EU's Russian fuel phaseout roadmap promises to squash any expectation of returning Russian pipeline supplies, driving European buyers further towards seaborne imports.' In LNG freight, Atlantic rates rose to $35,750/day on Friday, while Pacific rates slipped to $22,250/day, said Spark Commodities analyst Qasim Afghan. Despite pointing to Asia earlier this week, the U.S. front month arbitrage to north-east Asia via the Cape of Good Hope has closed out, now marginally pointing to Europe, he added.
Iraq Business
10-04-2025
- Business
- Iraq Business
Accelerated Development of Akkas Field - Ukrainian Firm Not Mentioned
By John Lee. The Council of Ministers has approved an accelerated plan to develop the Akkas gas field in Anbar as part of the government's strategy to advance the oil and gas sector. The project will be led by the state-owned Midland Oil Company (MdOC), with Schlumberger implementing the first phase. The field is expected to produce 100 million standard cubic feet of gas per day within one year. Rights to the field were originally awarded to a consortium of Kogas and KazMunaiGas (KMG) in the third licensing round (October 2011), but KMG pulled out, leaving Kogas as sole investor and operator on new contract terms. In April 2024, Iraq signed a contract with a little-known Ukrainian company called Ukrzemresurs to develop the field, replacing Kogas. Industry experts, including, Iraq Business News Expert Blogger, Ahmed Mousa Jiyad, have questioned the wisdom of this decision. There was no mention of Ukrzemresurs in Wednesday's announcement from the Prime Minister's Office. (Source: PMO) Tags: Akkas, Anbar, cg, featured, gas production, Schlumberger
