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| The photo shows the Manzanillo LNG Terminal operated by Korea Gas in Mexico. / Courtesy of Korea Gas Corp. |
By Jun Ji-hye
Korea Gas Corp. (KOGAS) has expanded its presence worldwide, carrying out 25 energy-related projects in 13 countries, in a bid to supply energy resources stably and secure new growth engines, the firm said Wednesday.
The projects the firm has conducted included exploration and production of natural gas, and construction of LNG terminals.
KOGAS said it possesses liquefied natural gas (LNG) purchasing power and market information in addition to networks and infrastructure, which enables itself to buy natural gas at appropriate times.
As of December 2017, the firm has brought 33 million tons of LNG into Korea annually from 16 countries.
The firm has invested in three LNG-related projects, including an OLNG project in Oman, generating a dividend income of 1.4 trillion won ($1.2 billion) as of 2017. This contributed to a drop in gas prices here.
The firm noted its exploration projects in Myanmar and Mozambique, among others, have been deemed a major success story.
The state-run company launched the Area 4 coral floating LNG (FLNG) project in Mozambique in September to construct a floating platform that will process natural gas extracted offshore of Mozambique.
In the A-1 and A-3 projects in Myanmar, the firm has also successfully carried out exploration work in cooperation with Posco Daewoo, the trading unit of Posco.
In its efforts to fulfill responsibility as a public enterprise, KOGAS has helped other private companies in diverse industries, including shipbuilding and finance, better make inroads into global markets.
Korean companies have won orders worth $14.5 billion in various overseas projects pushed for by KOGAS, such as construction of pipelines.
The operating profit of KOGAS has reached 176.1 billion won as of the third quarter of 2018 on the back of the success of its overseas projects, it said.
It noted its plan for the additional exploration work for Myanmar's A-1 and A-3 projects has been approved by its board of directors.
"We will jump up to be a global LNG provider by utilizing our world-level technical power and networks, and actively participating in natural gas infrastructure projects in emerging markets worldwide," a KOGAS official said.
