Tokyo Gas, Kogas to Jointly Procure LNG

Tokyo Gas signed a memorandum of understanding (MoU) on strategic collaboration with Korea Gas Corporation (Kogas) on Wednesday to further enhance cooperation and communication between the two companies.

“Tokyo Gas has maintained a close relationship with Korea Gas Corporation through information and technology exchange since the first MoU signed between the two companies in 1990. By signing the new MoU, Tokyo Gas seeks an opportunity to establish and enhance a strategic partnership with Korea Gas Corporation,” the Japanese firm said Thursday.

The two companies plan to optimize LNG inventory and chartered shipping capacity, jointly procure LNG for mid to long term and collectively scout for upstream project investment.

In its “Challenge 2020 Vision,” Tokyo Gas declared its targets to reduce raw materials prices and to realize appropriate Asian market prices. With these goals in mind, Tokyo Gas will accelerate collaboration with LNG buyers inside and outside Japan, the company said.