Korea Gas Corporation Signs MOU with Kitimat LNG

Kitimat LNG Inc. announced that it signed a memorandum of understanding (MOU) with Korea Gas Corporation (KOGAS), under which KOGAS will acquire up to 40% of Kitimat LNG’s production and an option to acquire an equity stake in Kitimat LNG’s liquefied natural gas (LNG) export terminal. With the MOU, KOGAS plans to purchase two million tons per annum of LNG from the proposed terminal for 20 years. The total purchase value would be more than US$20 billion over 20 years of operation. Kitimat LNG Terminal is a project of Kitimat LNG Inc., a Calgary-based company focused on the development of liquefied natural gas and related facilities in North America.