JERA and KOGAS to cooperate in the LNG business
JERA announced that it has signed a memorandum of understanding (MoU) with Korea Gas Corporation (KOGAS) for cooperation in the LNG business.
As informed, under this MOU, for the sake of securing supply stability of LNG, JERA and KOGAS agreed to discuss opportunities for mutual collaboration in the LNG business including LNG swaps, trading, ship optimization, and market view exchange.
"Russia’s invasion of Ukraine has created a severe energy environment, such as the reduction of pipeline gas supply to Europe, and the uncertainty regarding global energy supply is drastically increasing", the companies said.
In responding to these circumstances, under this MOU, JERA and KOGAS, which are among the largest buyers in the global LNG market, will strengthen their strategic relationship and consider developing schemes of cooperation regarding their LNG supply & demand, to enhance stable energy supply in Japan and Korea.
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As a long-term matter, there is an acceleration of the Energy Transition to a carbon-neutral future. LNG will play an even more important role as Transition Energy not only in Europe but also in Asia.
In concluding, undergoing these significant changes, in order to ensure a stable energy supply in Japan, JERA will continue to work together with LNG buyers and other leading companies both within and outside Japan such as KOGAS as it seeks to enhance procurement capabilities.