Economy

First cargo of USA shale gas to arrive next month

First cargo of USA shale gas to arrive next month”

The Korea Gas Corporation expressed expectations that the import of USA shale gas will help diversify the nation's Middle East-centered energy supply sources while easing trade imbalances and boosting relations between South Korea and the U.S. On Sunday, the companies held a ceremony to mark the start of the deal at Sabine Pass.

It will cover a 20-year period until 2037.

As a result, South Korea will import two-point-eight million tons of shale gas from the USA each year from 2017 to 2036.

Of the total 36 million tons, Kogas will be responsible for bringing in some 32 million tons, while private businesses will be responsible for around 3.7 million tons, the company said.

Korea Gas is one of the largest buyers of LNG.

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Kogas may increase imports of United States shale gas down the road, if it remains competitive in the market in terms of price, the company said.

The import of USA shale gas is expected to curb potential pressure on South Korea from the U.S.to reduce its trade surplus, KOGAS said.

Also, shale gas imported from the US can be resold to a third country, which will provide KOGAS room for gas supply in the local market.

The latest import is also expected to ease concerns raised by US President Donald Trump on an alleged trade deficit. Lee Seung-hoon, CEO of KOGAS, is the only member from a state utility company to join the Moon entourage. Trump left the 12-nation Trans-Pacific Partnership trade agreement, brokered by his predecessor, during his first week in office. US shale gas would be transported to Korea via six new LNG carriers, constructed under the order of KOGAS in 2015 by two Korean shipbuilders. Two if the LNG vessels were built by Samsung Heavy Industries, while the remaining four were built by Daewoo Shipbuilding and Marine Engineering, according to Kogas.

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