Kogas mulls sale of Gladstone LNG stake
Min-Jeong Lee From: Dow Jones Newswires February 10, 2011 9:22AM
SOUTH Korean state-run utility Korea Gas Corp, or Kogas, said yesterday it may sell around a 10 per cent stake in the Gladstone liquefied natural gas project in Australia to Korean or Japanese companies.
A stake in Gladstone would provide Japanese or Korean investors with access to a major source of natural gas, an increasingly important part of the energy mix in the North Asian countries and in China.
Santos holds a 30 per cent stake in the project, with Petronas and Total also holding interests.
"We're planning to discuss a possible sale of the stake with Korean and Japanese companies that are interested," a Kogas official said during a conference call. He didn't provide further details on the possible sale.
South Korea's largest gas supplier joined the Gladstone LNG project, in Queensland, last year when it acquired a 15 per cent stake. "The full payment for the 15 per cent stake in (the project) will be made in a few days," the official said.
Production drop no problem for Santos Adelaide Now, 20 Jan 2011
Santos deal to 'lift Queensland economy' The Australian, 13 Jan 2011
Gas industry faces skills challenge Perth Now, 13 Jan 2011
Santos soars on deal with Korea Gas Courier Mail, 20 Dec 2010
Santos offer swamped after Kogas deal The Australian, 20 Dec 2010
Kogas's 2010 full-year net profit fell 13 per cent from 2009 to KRW206.2 billion ($184.5m) due to foreign-exchange-related losses, it said in an earnings report yesterday.
It posted a net loss of $US25.8 million in the fourth quarter.