Woodside Energy has welcomed the formal signing of the Korean-Australia Free Trade Agreement (KAFTA) that took place in Seoul on 8th April.
Offshore and LNG sector
The company has long-term connections with South Korea through a partnership in its offshore exploration sector and marketing of oil, condensate and LNG products. Woodside also has an important relationship with Korea’s shipyards and technology providers.
Woodside CEO, Peter Coleman, explained that the agreement reinforced the relationship between the two countries, and highlighted the significance of Australia’s trading links with South Korea.
Coleman commented: “The agreement reduces tariffs on LNG and crude oil, allowing Australian products to be more competitively prices in the world’s second largest LNG market. This is important as we seek to diversify our customer base.
“Australia and South Korea have one of the strongest and most important trading relationships in the Asia-Pacific and the KAFTA will result in good economic outcomes for both countries.”
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/09042014/korea_australia_fta_opens_up_lng_opportunities_404/