South Korea: The Role of FOB Buyers

27 June 2017: This week KOGAS will import its first contracted cargo from the United States. Although this is not the first Korean LNG cargo imported from the U.S., it is the first cargo imported by an Asian buyer through a Free On Board (“FOB”) term agreement made directly with a U.S. export project. KOGAS signed an agreement in January 2012 to purchase 3.5 million tonnes of LNG per annum for 20-years from Cheniere’s Sabine Pass Train 3. As an FOB buyer, KOGAS is responsible for shipping. Since this agreement, 68 million tonnes of U.S. export projects have reached FID and have sold over 30 million tonnes directly to Asian buyers. Please fill out the following form to access the full article.