AUSTRALIA is set to supply millions of tonnes of liquefied natural gas to South Korea over the next 20 years under an historic deal worth billions of dollars.
South Korea's government last night approved two deals worth $US84 billion sought by the country's state-run Korea Gas Corporation to import more than five million metric tonnes per year of LNG, the bulk of which will come from Australia.
The deals, the biggest in South Korea's history, are with Royal Dutch Shell Plc and Total SA.
The state-run utility will buy 3.64 million metric tons of LNG a year from Shell's Prelude gas project in Australia for 26 years starting 2014, the Ministry of Knowledge Economy said in a statement.
It will also buy 2 million tons of the fuel a year from Total's Ichthys field gas projects in Australia and other fields in Nigeria, Norway and Egypt for 18 years starting 2014.
The Australian
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