South Korea Approves Korea Gas to Import LNG From Shell, Total

South Korea’s government approved state-run Korea Gas Corp. (036460) to import liquefied natural gas from Royal Dutch Shell Plc (RDSA) and Total SA (FP) for about 20 years.

The state-run utility will buy an annual 3.64 million metric tons of LNG a year from Shell’s Prelude gas project in Australia for 26 years starting 2014, the Ministry of Knowledge Economy said in an e-mailed statement today. Korea Gas will also buy 2 million tons of the fuel a year from Total’s gas projects in Australia, Norway and Egypt for 18 years starting 2013, the statement said.

To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net

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