Korea Midland Power (KOMIPO) and Vitol Group, a global energy company, signed a memorandum of understanding (MOU) on cooperation in the LNG field on Feb. 26.
The two sides will cooperate in business development and operation covering all areas pertaining to the LNG industry, including LNG production and supply and even gas-fired power generation projects.
"We are very pleased to conclude an MOU with Vitol, a global LNG trader, and we look forward to creating synergies in new LNG projects at home and abroad based on our current long-term contracts," said Park Hyung-koo, president of KOMIPO.
"We have enjoyed a very good LNG supply partnership with KOMIPO since 2015,” said Russell Hardy, president of Vitol Group. “This MOU will pave the way for KOMIPO and Vitol Group to explore business opportunities in the global LNG market by combining KOMIPO’s power generation business with Vitol’s LNG supply and trading capabilities. "
In 2011, KOMIPO signed a supply and purchase agreement (SPA) with Vitol to buy 400,000 tons of LNG per annum for 10 years from 2015 to 2024.