South Korea’s Korea Middle Power Co Ltd (KOMIPO) and energy-commodity specialist Vitol on Tuesday agreed to extend an existing long-term liquefied natural gas (LNG) supply and purchase agreement, Vitol said.
The original deal was signed in 2011, deliveries commenced in 2015, with Vitol supplying KOMIPO with over 4 million tons of LNG over 10 years.
Under the extension agreement, Vitol will supply KOMIPO with three cargoes of LNG per year from 2025 to 2028, Vitol said.
Young Jo Lee, head of planning & administration division of KOMIPO said: “We are pleased to extend the existing LNG SPA with Vitol based on mutual trust and understanding. This signing ceremony will pave the way for both parties to cement the long-term relationship.”
Pablo Galante Escobar, head of LNG, EMEA Gas & Power of Vitol added: “We are delighted to extend our long-term LNG SPA with KOMIPO, a highly respected company in South Korea and our important long-term customer. We look forward to strengthening our partnership with KOMIPO and working on further opportunities.”
Vitol has traded LNG for over 16 years. Last year it traded over 17 million tonnes of LNG worldwide.
