August 20, 2024 [Storage Terminals Magazine]- The Asia Natural Gas and Energy Association and the Korean Private LNG Industry Association have signed a new Memorandum of Understanding aimed at fostering cooperation on natural gas development and the role of LNG in Asia’s energy transition. This marks the first international agreement for the Private LNG Industry Association, highlighting its growing influence in the global energy sector.

Formed in 2021, the Korean Private LNG Industry Association was established to enhance expertise within Korea’s LNG industry through research, technology development, and the dissemination of vital information. The association’s current members include industry leaders such as SK E&S, SK Gas, GS Energy, GS EPS, GS Power, Posco International, Boryeong LNG Terminal, and Hanyang Corporation.

The MOU between ANGEA and the Korean Private LNG Industry Association focuses on developing sustainable policies for the natural gas sector, sharing research and data, and collaborating on joint projects. These efforts will extend to multilateral forums such as Gastech, reinforcing the importance of LNG in supporting Asia’s energy transition.

Paul Everingham, CEO of ANGEA, expressed enthusiasm for the partnership, stating, “ANGEA is very pleased to enter into this MOU with the Private LNG Industry Association, and we look forward to working together constructively. LNG has long been a source of reliable energy for South Korea, and ongoing supply will be essential to the country’s energy transition.”

Mr. Chang-kyu Kim, vice president of the Korean Private LNG Industry Association, emphasised the MOU’s significance, saying, “We expect this MOU to serve as a catalyst for domestic companies to strengthen partnerships with global energy firms and promote their global expansion. We plan to provide maximum support for our members to actively enter international markets.”

The agreement is expected to enhance the role of LNG in Asia’s energy transition, facilitating more substantial exchanges within the gas industry across the region, including South Korea.

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