Vitol and KOMIPO Sign LNG Pact

South Korea's Korea Midland Power (KOMIPO) and Vitol Asia have signed a memorandum of understanding (MOU) on cooperation in various sectors including liquefied natural gas (LNG).

Under an existing long-term Supply and Purchase Agreement (SPA), signed in 2015, Vitol agreed to supply KOMIPO with 400,000 tons of LNG annually for 10 years, said a press release from Vitol.

Hyung Koo Park, President and CEO of KOMIPO said, “KOMIPO looks forward to developing its relationship with Vitol, our trusted partner in the LNG business.”

CEO of Vitol Group, Russell Hardy added, “We are delighted to strengthen our partnership with KOMIPO, a highly well-respected company in the region, and look forward to working with them on future opportunities.”

KOMIPO is the leading public energy company responsible for about 8% of domestic power supply, generating and supplying electricity across South Korea. KOMIPO commenced importing LNG in 2015 and today imports up to 850 thousand tonnes per annum.