Korea Electric Unit to Import LNG From Vitol Starting in 2015

A Korea Electric Power Corp. 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.

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