First cargo of US shale gas to arrive next month: Yonhap

By Park Sae-jin Posted : June 26, 2017, 09:25 Updated : June 26, 2017, 09:25

[Yonhap news photo]


The state-run Korea Gas Corp. (KOGAS) said Monday that the first cargo of US shale gas will arrive here next month. In 2012, KOGAS signed a deal with the Texas-based Cheniere to bring in 2.8 million tons of LNG annually for 20 years starting this year.

The import of US shale gas is expected to curb potential pressure on South Korea from the US to reduce its trade surplus, KOGAS said. US President Donald Trump has dropped out of the 12-nation Trans-Pacific Partnership sought after by his predecessor Barack Obama. For South Korea, Trump has vowed to fix or scrap the bilateral free trade deal, even calling it "horrible." He said that the deal has caused a massive trade deficit reaching 28 billion US dollars for the United States.

KOGAS said earlier it may import additional shale gas from the US with KOGAS President Lee Seung-hoon set to accompany President Moon Jae-in on his upcoming trip to Washington. Also, shale gas imported from the US can be resold to a third country, which will provide KOGAS room for gas supply in the local market.

(Yonhap)

 
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