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Tue 30 Oct 2007 11:06 AM

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Oman ramps up S.Korea gas exports

South Korea to receive additional two million tonnes of liquefied natural gas annually from next year.

South Korea has signed a memorandum of understanding (MoU) with Oman to receive an additional two million tonnes of liquefied natural gas (LNG) annually from next year, Seoul's energy ministry said on Tuesday.

The additional LNG represents a 49% increase from the 4.06 million tonnes a year South Korea currently imports from Oman.

Oman has also agreed to provide spot LNG in the winter to South Korea, which experiences LNG shortages from December to March due to high heating use, the ministry said.

"The deal will secure South Korea with a stable LNG supply, even in high-demand winter season," the ministry said in a statement.

With the additional volume, Oman will become South Korea's fourth-largest LNG supplier, following Qatar, Indonesia and Malaysia.

In 2006, South Korea imported 24.6 million tonnes of LNG, of which 27% came from Qatar.

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