SEOUL: SK Corp, South Korea’s top oil refiner, has signed a memorandum of understanding (MoU) to have oil major BP plc supply it with 600,000 tonnes of liquefied natural gas (LNG) a year. Steel giant POSCO Co, which has been jointly pursuing LNG imports with SK Corp, also said it had signed a similar deal with BP for an annual supply of 550,000 tonnes for 20 years starting 2005.
Both agreements, which have separate terms for volumes and prices, mark the first-ever LNG imports by private companies in South Korea, the world’s second largest LNG buyer, since the government conditionally liberalised LNG imports in 1997. – Reuters
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