Korea Midland Power (KOMIPO) and Vitol Asia have signed a memorandum of understanding (MOU) on cooperation in various sectors including liquefied natural gas.
The two companies are also aiming to explore upstream, midstream and downstream project opportunities.
Under an existing long-term supply and purchase agreement (SPA), signed in 2015, Vitol agreed to supply KOMIPO with 400,000 tons of LNG annually for 10 years.
KOMIPO, a unit of the state-controlled Korea Electric Power Corporation (KEPCO) started LNG imports in 2015 and is currently importing around 850,000 tons of LNG per year.