Kogas said in a statement on Friday that it had signed a deal with BP to purchase 700,000 tons of LNG annually for 10 years, starting in 2028.
The latest contract is expected to help diversify South Korea’s energy supply sources and stabilize gas prices amid market disruptions stemming from the ongoing crisis in the Middle East.
Kogas said the contract follows agreements reached in August last year, under which the company agreed to purchase 3.3 million tons of US LNG for a decade, starting in 2028.
The state-owned firm did not provide further details.
LNG Prime invited BP to comment on the matter.
A BP spokesperson confirmed the signing of the agreement, but did not provide further details.
In April 2025, BP and Kogas signed a new long-term LNG deal.
Under the agreement, BP Singapore, a unit of BP, will provide Kogas with up to 9.8 million tonnes of LNG over 11 years on a delivered ex-ship (DES) basis from BP’s portfolio of LNG sources, starting in mid-2026.
BP said at the time that this deal was an addition to the existing long-term sale and purchase agreement between BP and Kogas for the DES supply of LNG, which was signed in 2022.
Kogas operates 77 LNG storage tanks at five LNG import terminals in South Korea.
The large terminals include Incheon, Pyeongtaek, Tongyeong, and Samcheok, while the firm has a small-scale regasification terminal at the Aewol port on Jeju island as well.
In addition to these facilities, the firm is building a large terminal in the western port city of Dangjin, and it expects to launch the first phase of this facility in May next year.
