Komipo and Vitol sign LNG Memorandum of Understanding
Korea Midland Power Co Ltd (KOMIPO) and Vitol Asia Pte Ltd (Vitol) have jointly announced the signing of a Memorandum of Understanding (MOU) to explore upstream, midstream and downstream project opportunities in liquefied natural gas (LNG). Under an existing long-term Supply and Purchase Agreement (SPA), signed in 2015, Vitol agreed to supply KOMIPO with 400,000 tons of LNG annually for 10 years.
Mr Hyung Koo Park, President and CEO of KOMIPO said, ‘KOMIPO looks forward to developing its relationship with Vitol, our trusted partner in the LNG business.’
CEO of Vitol Group, Mr Russell Hardy added, ‘We are delighted to strengthen our partnership with KOMIPO, a highly well-respected company in the region, and look forward to working with them on future opportunities.’