Cheniere launches $500 million LNG contract with Korea
Korea Gas Corp. signed a 20-year supply agreement in January 2012 to buy liquefied natural gas from Cheniere Energy Inc.’s Sabine Pass export facility in Cameron Parish. On Sunday, the companies held a ceremony to mark the start of the deal at Sabine Pass.
Under the contract, Korea Gas, known as KOGAS, can buy 3.8 million tons of LNG each year — more than 10 percent of South Korea’s total demand — from Cheniere.
Cheniere is the United States’ only LNG exporter, so far, although a number of other facilities are in the works. The company has said it expects to load close to 200 LNG vessels with shipments this year, and its LNG has been delivered to 20 countries worldwide. The Korea Gas contract generate more than $500 million in revenue per year…