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LONDON, June 15 (Reuters) – South Korea’s state run Korea Fuel Corp (KOGAS) signed on Wednesday a memorandum of understanding (MoU) with France’s TotalEnergies (TTEF.PA) to reinforce liquefied pure fuel (LNG) buying and selling and optimization because it seeks to spice up the Asian nation’s power safety.
The settlement will create a proper framework for long-term cooperation to debate and discover the event of a joint enterprise relationship the 2 firm’s assets and strengthen their enterprise capabilities, KOGAS mentioned in an announcement despatched to Reuters.
“The 2 firms, instantly and thru their associates Kogas Worldwide (KI) and TotalEnergies Fuel and Energy Asia (TEGPA), have a robust monitor document of cooperation in LNG procurement for the Korean market and in optimising Kogas volumes out of Sabine Go in the US,” it mentioned.
The 2 firms may even discover the event of potential initiatives and enterprise transactions involving renewable and low-carbon hydrogen, and their derivatives worth chain companies.
South Korea’s consumption of LNG is anticipated to stay sturdy because the nation, which depends closely on fuel for energy era, seeks to maneuver away from coal and nuclear energy.
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Reporting by Marwa Rashad; Enhancing by Tomasz Janowski
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