Australia's Woodside to send LNG to Korea Gas Corp.

Feb. 28, 2014 at 6:15 AM
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PERTH, Australia, Feb. 28 (UPI) -- Australian energy company Woodside Petroleum said Friday it signed a deal with Korea Gas Corp. for gas deliveries from the Pluto LNG plant in Western Australia.

The South Korean company, known also as KOGAS, secured approximately 2.2 million tons of liquefied natural gas over a three-year period starting in April

No financial terms were disclosed by Woodside.

Expanding Asian economies are taking on more natural gas to keep pace with demand. South Korea is one of the largest LNG consumers in the world.

In January, Woodside reached an agreement with Japan's Chubu Electric Power Co. for 1.5 million tons of liquefied natural gas from its Pluto LNG project.

Last week, the Australian company said the annual production of 87 million barrels of oil equivalent in 2013 was up 2.5 percent from the previous year. Similar production trends were expected for 2014.

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