Seoul, 27 September 2010

French utility GDF Suez has signed a $1 billion deal with South Korea's state-owned Korea Gas Corp (KOGAS) to supply 2.5 million tonnes of liquefied natural gas by 2013, KOGAS said on Monday.

The deal is one of the biggest LNG medium-term supply contracts since the global economic slowdown hit the world gas market, the Financial Times reported on Monday.

"KOGAS has signed a 3-year deal with GDF Suez," a KOGAS official said, confirming the FT report. South Korea is Asia's second-largest buyer of LNG after Japan. KOGAS is the world's biggest corporate buyer of LNG and South Korea's sole wholesaler.

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