[KOLBIA/ April 11, 2023] On April 10, KOGAS (Korea Gas Corporation) announced that it had signed a memorandum of understanding (MOU) with JERA, a Japanese energy company with the largest LNG purchasing power in the world. The purpose of the MOU is to strengthen the strategic relationship between the two companies and to consider developing schemes of cooperation to enhance stable energy supply in Korea and Japan.

The two parties have agreed to discuss opportunities for mutual collaboration in the LNG business, including joint LNG procurement and trading, mutual utilization of ships for transportation optimization, LNG project information sharing, and joint exploration of project participation opportunities. The MOU also lays the foundation for joint response between the two countries in the event of a winter supply crisis in the Far East through LNG swaps.

A KOGAS official stated that this agreement is an opportunity to establish a proactive joint response strategy between major Asian buyers in the volatile global LNG market after the Russia-Ukraine War. The official expressed hope that this agreement would become a cornerstone for enhancing cooperation between Korean and Japanese energy companies and energy security.

KOGAS plans to continue expanding energy cooperation between the two countries, including promoting cooperation in the natural gas sector and activating exchanges with Japanese energy companies in line with the results of the Korea-Japan summit.