Korea, China, Japan to cooperate on LNG purchase

Published : Mar 23, 2017 - 16:00 Updated : Mar 23, 2017 - 16:00

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The Korea Gas Corp., the world's fourth-largest LNG buyer, said Thursday that it has reached a deal with its counterparts in China and Japan to cooperate on jointly purchasing LNG and sharing related information.

(Yonhap)

Under the memorandum of understanding with Japan's JERA and China's CNOOC, KOGAS will work together with the two companies to create a "favorable" environment for LNG purchases, the utility firm said.

South Korea, Asia's fourth-biggest economy, is one of the largest consumers of natural gas in the world, with 80 percent of its imports coming from the Middle East. (Yonhap)