Repsol inks agreement to send LNG to South Korea

By OGJ editors
HOUSTON, Feb. 14
-- Repsol YPF SA signed a 15-month agreement to supply the natural gas equivalent of 1.9 billion cu m in LNG (about 1.7 million tonnes) to South Korea's state-owned Korea Gas Corp.

The deal is Repsol YPF’s first LNG sale into the Far East, the company reported. Repsol YPF will ship the LNG from the Peru LNG plant, to which the company has sole off-take rights (OGJ Online, June 15, 2010).

It also holds supply contracts into Europe and North and South America. Repsol YPF currently also ships LNG from Trinidad and Tobago to the US and Europe. Last year, the company shipped 9 billion cu m of gas equivalent; with the start-up of Peru LNG, it expects to increase volumes by at least 50% in 2011.

Repsol YPF has exclusive marketing rights to LNG production from Peru LNG, the company said. Two thirds of the plant’s production is dedicated for the Manzanillo terminal on Mexico's Pacific Coast, which is to start up in this year’s fourth quarter.

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