Vitol agrees long term LNG supply contract with KOMIPO

Vitol SA today announced that it has signed a long-term Supply & Purchase Agreement (SPA) with KOMIPO, the Major Korean power company for the annual supply of 400,000 tons of liquefied natural gas (LNG) for 10 years starting in 2015.

The projected 400,000 tons per annum is equivalent to about 17% of KOMIPO’s annual consumption volume based on 2011 figures.

The KOMIPO contract for the direct import of LNG from an overseas supplier is the first of its kind signed by a Korean power company, who require LNG for power generation. Until now, Korea Gas Corporation has been the sole supplier of LNG for domestic public power companies.