TotalEnergies and KOGAS have agreed to a new contract that will see the French energy company supply 1 million tons of liquefied natural gas (LNG) annually to South Korea for ten years, starting at the end of 2027. The deal, formalized through a Heads of Agreement, was awarded to TotalEnergies following an international tender process.
With this agreement, TotalEnergies will increase its LNG deliveries to KOGAS to 3 million tons per year from 2028 onwards. KOGAS is currently recognized as the world’s largest importer of LNG. The additional supply is set to serve Korean industries, businesses, and households. The LNG will be sourced from TotalEnergies’ global portfolio, with a particular emphasis on production and offtake from the United States.
“We thank KOGAS for its trust in TotalEnergies’ ability to supply its Asian customers with reliable and competitive LNG through its global portfolio. This agreement enables TotalEnergies to secure long-term outlets in Asia, consistently with the growth of its LNG supply, particularly from the United States,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
Yeonhye Choi, President and CEO of KOGAS, commented: “We are pleased to finalize this agreement with TotalEnergies, which not only enhances the economic value of our LNG portfolio but also contributes to diversifying our sources of LNG supply. This engagement reinforces our commitment to securing a stable LNG supply amid a rapidly changing global energy landscape. We look forward to further strengthening our relationship with TotalEnergies to support a sustainable LNG value chain.”
TotalEnergies holds a position as one of the top three global players in the LNG market. In 2024, it managed a portfolio totaling 40 million tons per year through stakes in various liquefaction plants worldwide. The company’s operations cover all aspects of the LNG value chain including production, transportation, regasification capacity exceeding 20 million tons per year in Europe, trading activities, and bunkering services.
The company’s strategic goal includes increasing natural gas’s share in its sales mix toward nearly half by 2030 while working toward reducing carbon emissions and eliminating methane emissions along its gas operations. It also collaborates with local partners aiming at facilitating transitions from coal-based energy generation toward natural gas.
TotalEnergies operates globally across about 120 countries with over 100,000 employees engaged in providing diverse forms of energy such as oil products, biofuels, biogas and low-carbon hydrogen alongside renewables and electricity solutions.
