Reuters is reporting that South Korea’s KOGAS will import 700 000 tpy of LNG from the new LNG Canada project under construction in Kitimat, BC, in which it holds a 5% stake.
The imports are due to commence from around 2024 and will continue for approximately 40 years. According to Lim Jong-kook, the vice president of KOGAS, the volume of LNG being imported is based on the company’s share in the project.
Lim also stated that the shipments would have destination flexibility, allowing KOGAS to re-sell excess volumes. Permission for these activities was granted in light of the company’s partnership with the project.