South Korea will fully implement its long-term commitment to import liquefied natural gas (LNG) from Oman, said Prime Minister Lee Han-Dong during a visit to Muscat.
Han-Dong arrived in the Gulf state on Monday on a three-day visit for talks with Omani officials on strengthening bilateral ties, said the Gulf Daily.
South Korea imports 4.1 million tons per annum (mtpa) of Omani LNG worth $700-$800 million a year.
This will total $18 billion by the end of the 25-year contract signed with Oman LNG.
"Our growing economic cooperation centers around the field of energy supply," he said.
"The pending agreement on protection and promotion of investment will facilitate an increased level of investment by South Korean firms in the sultanate."
The first shipment of 1.6 mtpa from the $2 billion, 6.6 mtpa Oman LNG plant went to Korea Gas Corp (Kogas) in April 2000.
Other main buyers are Osaka Gas of Japan, Dabhol Power Co. of India and TotalFinaElf of France, said the paper.
Short-term customers include Coral Energy Resources of the US, Enron and Spain's Enagas.
The South Korean prime minister, who is accompanied by three vice-ministers and the heads of Daewoo, Hyundai and LG, said bilateral trade with Oman reached $1.9 billion last year from $1 billion in 1999 – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
