IndianOil and Korea Gas Corporation (KOGAS) signed an MoU for joint participation in Exploration and Production of Gas and Oil at the global level and developing Natural Gas infrastructure projects and LNG sourcing.
India is scouting for LNG to meet its growing domestic demand. It has constructed large gas transportation and distribution infrastructure, banking on gas production from its Bay of Bengal fields controlled by Reliance. However, production from the fields has disappointed, forcing the country to consider LNG sourcing more aggressively.
It currently imports large amounts of LNG from Qatar.
KOGAS is the national Gas Company of Korea and the world’s largest single importer of LNG clocking about 33 million metric tonnes per annum (MMTPA) in 2011. KOGAS is the developer, owner and operator of three large-scale LNG receiving terminals as well as an extensive nationwide pipeline network in Korea. KOGAS has equity investments in LNG liquefaction projects and 20 overseas E&P projects and has lined up LNG sourcing contracts from several countries.
IndianOil is the largest enterprise in the country and the foremost ranked Fortune Global 500 company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
The MoU was signed by A.K.Marchanda, Executive Director i/c(Gas), IndianOil and Mr. Hyun Kun Shin, Exec. VP(LNG Terminal Division), KOGAS in the presence of Mr. A.M.K.Sinha, Director(Planning and BD), IndianOil in the sidelines of the PETROTECH-2012, the 10th International Oil & Gas Conference and Exhibition.
Later on, the KOGAS officials met Mr. R.S. Butola, Chairman, IndianOil at meeting in which Mr. Butola emphasized the need to carry the MoU forward and make progress on areas identified for co-operation in a time bound manner. Mr. V. Damodaran, Executive Director (Ennore LNG project), Mr. Sunil Gupta, General Manager (Gas), IndianOil and Mr. H. S. Lim, Senior Manger (Plant Business Team) from KOGAS were also present during the signing of the MoU.