Global Energy Cooperation
Korea Gas Corporation (KOGAS) has signed a memorandum of understanding (MOU) with the U.S.-based ExxonMobil at Hilton Millennium Seoul on Dec. 2 to work together on global projects. Under the agreement, the two companies will combine their core abilities to jointly pursue new business opportunities and expand cooperation.
KOGAS has technical competence and high purchasing power as it operates the world’s largest LNG production facility. The synergy effect of strategically cooperating with ExxonMobil, which has expertise in global marketing, will allow KOGAS to advance business in the natural gas value chain.
In particular, both companies agreed to closely cooperate in the whole gas industry, to seek gas production base construction package project connected with supply, to develop LNG bunkering market and to jointly seek LNG markets.
They also talked about developing joint package projects to construct LNG production bases and natural gas power plants in Africa and Latin America, which may accelerate the gas industry infrastructure development led by government.