31JUL2019 - NEWS - KOGAS New CEO Stresses Strategic Investment in Resource Development Projects

The new CEO of Korea Gas Corp. (KOGAS) has stressed the need to invest in overseas gas development projects to lower the cost of purchasing natural gas overseas.Chae Hee-bong, who was appointed to lead KOGAS earlier this month, outlined his management strategy in his inaugural address.hae first stressed a stable supply of natural gas and a need to lower the import costs. KOGAS has set the goal of reducing gas import costs by 6 trillion won by 2025. The corporation’s long-term import contracts with Qatar and Oman, its two biggest trading partners, expire in 2024. Last year, KOGAS sold about 36 million tons of natural gas. KOGAS is currently participating in 25 projects in 13 countries including Australia. The 25 projects include natural gas exploration, development, production, LNG liquefaction, overseas city gas pipeline and LNG terminal construction and operation. KOGAS is bringing in gas from the overseas oil fields it has successfully developed. KOGAS is considering making investments in overseas resource development projects. One example is LNG production and shipment in the Prelude project in Australia through a floating liquefied natural gas (FLNG) plant in June. KOGAS secured a 10 percent stake in the project.