Korea Electric Unit to Import LNG From Vitol Starting in 2015

A Korea Electric Power Corp. (KEP) unit signed a $3.4 billion agreement with Vitol SA to import liquefied natural gas for 10 years starting in 2015.

Korea Midland Power Co. plans to take in 400,000 metric tons of the gas a year from Switzerland-based Vitol, which is equivalent to a sixth of its consumption of the fuel in 2011, the Seoul-based company said in an e-mailed statement today.

The thermal power generator also has an option to increase the contracted volumes and resell some cargoes, depending on global prices, according to the statement.

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

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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