Kogas poised to take lead in global LNG market
Korea Gas Corp. is seeking to take the lead in the global liquefied natural gas market on the strength of its solid leadership in the South Korean market and continued investment at home and abroad.
The state-run company currently provides natural gas to more than 90 percent of the nation with its 72 natural gas storage facilities and pipes measuring a combined 4,848 kilometers in length.
Kogas is now expanding its business in the global market and is participating in 13 exploration and production projects, eight LNG projects and four infrastructure projects in nations including Australia, Canada, Indonesia, Iraq, Mexico, Oman and Uzbekistan.
In Area 4 of the Rovuma basin in northern Mozambique, Kogas is pursuing the Coral floating LNG and Rovuma LNG projects, the largest in Korea’s resource development history. In Myanmar, it also succeeded in producing natural gas from the nation’s A-1/A-3 offshore wells.
Korea Gas Corp. said its investment in three global LNG businesses, including Oman LNG and the Qatar-based RasGas Company, had generated dividend income of about 1.4 trillion won ($1.2 billion) as of 2017.
From January to September of last year, its overseas business posted around 176 billion won in operating profits thanks to the solid performance of the Gladstone LNG project on the east coast of Australia as well as the Myanmar gas field project.