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Top Asian LNG buyers form alliance

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LNG Industry,

According to the latest Reuters report, three of Asia's top buyers of LNG have agreed to work together to secure more flexible contracts when purchasing.

Korea Gas Corp (KOGAS) announced in a statement that it had signed a memorandum of understanding in mid-March with Japan's JERA and China National Offshore Oil Corp (CNOOC) to exchange information and cooperate in the joint procurement of LNG.

The alliance, which has been touted for the last year or so, comes as LNG buyers around the world push to move away from contracts that restrict them from reselling or swapping excess cargoes.

South Korea, Japan and China accounted for over half of global LNG trade in 2015.

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