KOGAS continues to import LNG from Russia as usual

The South Korea Gas Corporation KOGAS continues to import liquefied natural gas (LNG) from Russia as usual, Report informs citing TASS.

“The gas corporation continues to import Russian liquefied natural gas in the normal mode in accordance with long-term contracts. Russia accounts for about 1.5 million tons of LNG per year, or 5% of the annual import volume,” the state corporation informed.

When asked about the possibility of increasing the volume of deliveries against the backdrop of rising inflation in the country due to energy prices, the KOGAS press service replied that such agreements had not yet been made. In addition, the corporation did not talk about its readiness to pay for Russian gas in rubles if necessary, citing commercial secrets.

“We contact representatives of the Russian supplier every two weeks, we are closely monitoring the foreign policy situation,” KOGAS added. The corporation clarified that Sakhalin Energy was the case. In March, foreign media, citing the company, reported that KOGAS did not expect problems with gas supplies, since it had signed a contract with Sakhalin Energy and was making payments through a Japanese bank in Singapore.

Sakhalin-2 is an oil and gas project being implemented on Sakhalin on a production sharing basis. Its operator is Sakhalin Energy. The controlling stake (50% plus one share) belongs to Gazprom, the Japanese Mitsui has 12.5% ​​of the shares, Mitsubishi - 10%. On February 28, the British corporation Shell announced that it was withdrawing from all joint projects with the Russian Federation, including the Sakhalin-2 project (27.5% of the shares).