TotalEnergies, South Korea's KOGAS sign 10-year LNG supply deal
FILE PHOTO: The logo of French oil and gas company TotalEnergies is seen on a gas station in Drancy, France March 17, 2025. REUTERS/Abdul Saboor/File Photo
TotalEnergies has signed an agreement to supply South Korea's KOGAS with 1 million metric tons of liquefied natural gas (LNG) per year for 10 years starting in 2027, the French oil major said on Tuesday.
The deal between the world's third-largest LNG player and the world's largest LNG importing company raises to 3 million tons annually the amount TotalEnergies will deliver to KOGAS from 2028, the companies said in a joint statement.
The French oil major is actively seeking to increase its customer base in Asia, where LNG demand is expected to double by 2050. TotalEnergies' natural gas sales exceeded oil for the first time last year due to a global push to burn less-polluting fuels.
"This engagement reinforces our commitment to securing a stable LNG supply amid a rapidly changing global energy landscape," KOGAS President and CEO Yeonhye Choi said in the statement.
Total will deliver the LNG from its global portfolio, notably its volumes from U.S. production, the company said.
Financial details of the deal were not disclosed.
