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South Korea's SK Group signs MOU with GE

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LNG Industry,

Reuters are reporting South Korean energy conglomerate SK Group signed a memorandum of understanding (MOU) with General Electric on 29 June to jointly develop US shale gas fields in a bid to expand in the US shale gas sector.


The partnership with GE will help SK Group bring in US LNG to South Korea as well as onsell it to other countries amid growing US LNG exports.

South Korea, the world's second-biggest LNG importer, has encouraged local gas companies to invest in US gas projects amid expectations that more opportunities will arise under a Trump administration.

SK Group said it planned to invest 1.8 trillion won (US$1.6 billion) in the US over the next five years and would seek up to 5 trillion won worth of potential investment opportunities.

The investment would also help the US export about 2 trillion won of US-origin LNG per year and narrow a trade gap between the two countries.

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