(MENAFN) The Korea Gas Corp., the world's fourth-largest LNG buyer, announced that it has agreed a pact with its counterparts in China and Japan in order to collaborate on jointly purchasing LNG and excahnge information.
Through the memorandum of understanding with Japan's JERA as well as China's CNOOC, KOGAS stated that it will work side by side with the two firms to generate a "favorable" environment for LNG purchases.
South Korea is considered as one of the biggest consumers of natural gas in the world, with 80% of its imports shipped from the Middle East.
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