South Korean private-sector firm GS Energy's subsidiary GS Energy Trading Singapore is seeking LNG deliveries starting from 1 January 2028, over a 5-15 year period.
The first round of offers will be due on 25 April and the second to close on 1 August later this year. The firm has requested volumes of up to 0.81mn t/yr in 2028 and up to 0.97mn t/yr from 2029 onwards. This is equivalent to around 13-14 cargoes/yr in 2028 and about 16-17 cargoes/yr from 2029 onwards, assuming an average LNG cargo size of 60,000t.
The cargoes will be delivered to the country's 10.8mn t/yr Boryeong terminal, which is owned by power producers SK E&S and GS Energy. The firm has also specified for offers to be linked to Brent or a hybrid of Brent and Henry Hub.
South Korean utility Korea South-East Power in June 2024 also signed an agreement with TotalEnergies for a five-year term delivery of up to 500,000 t/yr of LNG to South Korea from 2027.
Meanwhile, state-owned gas incumbent Kogas is expected to operate with a smaller pool of long-term LNG supplies from 2025, with the government granting it more flexibility in its procurement strategy.
Long-term contracted supply volumes may typically be priced at a higher premium, and could be deemed as a small price for buyers to secure supply security, traders said.
