KOGAS May Sell Stake in GLNG Project
Korea Gas Corp (KOGAS) is looking to sell at least part of its 15 percent holding in the $18.5 billion Gladstone LNG (GLNG) project, news agency Reuters reported citing a company statement given to the stock exchange.
According to Reuters, the company statement did not mention how much KOGAS might sell.
KOGAS bought a stake in GLNG in Australia in 2011 in a bid to boost South Korea's gas supply.
Santos GLNG Project is an initiative to convert coal seam gas (CSG) to liquefied natural gas (LNG) for export to global markets.
Based in Queensland, Australia, the project involves developing gas fields from the Bowen and Surat Basins in south-western Queensland, and will transport the gas via a 420 kilometre underground pipeline to an LNG plant on Curtis Island, off the coastline of Gladstone.
The joint venture is Santos 30%; PETRONAS 27.5%; Total 27.5%; and KOGAS 15%.
GLNG has an estimated capacity of 7.8 million tonnes per annum and has binding offtake agreements with both Petronas and KOGAS for 3.5 mtpa over 20 years.
“We've been aware that that was their intention from the very beginning,” a Santos spokesman told Reuters.
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