Komipo and Vitol sign LNG Memorandum of Understanding
Korea Midland Power Co Ltd (KOMIPO) and Vitol Asia Pte Ltd (Vitol) have jointly announced the signing of a Memorandum of Understanding (MOU) to explore upstream, midstream and downstream project opportunities in 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.
Mr 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, Mr 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.”
With over 7.4 million tonnes of LNG delivered in 2017 and an extensive global trading and logistics network developed over a decade of delivering to customers, Vitol is one of the largest and most experienced independent traders of LNG. More broadly, Vitol has over 50 years trading and delivering physical energy, we bring unique expertise in managing and scheduling physical gas movements and can offer spot, short or longer-term arrangements, suited to our customers’ needs.
Korea Midland Power Co Ltd 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. The company operates base-load, general, and renewable energy power plants. It also engages in power plant construction, operation, and maintenance activities, as well as provision of related services. A pioneer in overseas electric power markets KOMIPO has been carrying out power plant construction, operation and technical consulting for thermal, hydro and PV power plants across South East Asia and the USA. Founded in 2001 and headquartered in Boryeong, South Korea, Korea Midland Power Co, Ltd is a subsidiary of Korea Electric Power Corporation.