Indian Oil Corp, Kogas to Work Together in LNG Sector

Indian Oil Corporation signed an MoU with Korea Gas Corporation (Kogas) to jointly explore opportunities in oil and gas, including liquid gas transported in ships or LNG, Times of India reported.

"IOC and 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," company's director (business development) A M K Sinha said on the sidelines of Petrotech 2012 conference. 

Butola also added that IOC was looking at Kogas' strength for LNG swaps. One of the possibilities was to source LNG from US through Kogas. Since US laws bar gas exports to non-FTA countries, Indian companies are barred from accessing US gas. But Korea being a free trade partner of US, Kogas imports LNG from US, which can be swapped, the newspaper said.