IndianOil, KOGAS Sign Agreement for LNG and E&P Ventures

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.

The MoU was signed by Mr. 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.

KOGAS is the national gas company of Korea and the world's largest single importer of LNG clocking about 33 million metric tons per annum 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.