PARIS, Sept. 27 (UPI) -- A deal with South Korea's public gas utility exemplifies a commitment to the liquefied natural gas market in Asia, French energy company GDF Suez said.
GDF Suez announced Monday it reached a medium-term agreement with South Korean public utility company Kogas for deliveries of liquefied natural gas.
"This transaction illustrates GDF Suez' objective to contribute to the development of the LNG market in particular in Asia where growth and supply prospects are the greatest," the French company said in a statement announcing the deal.
GDF Suez under the terms of the deal will supply Kogas with 2.5 million tons of gas during the contractual period, which lasts through 2013.
South Korea received more than 2.6 million tons of LNG from Russian developments on Sakhalin Island during the past year, Russian energy monopoly Gazprom said in early September.
French LNG deliveries come from 41 shipments from GDF Suez that begin later this year. The French energy company said Kogas is the largest importer of LNG in the world.
