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Iran and South Korea signed a contract to cooperate on developing mini-LNG ISO Containers in the coming four years. said the director of research and technology (R&.T) at National Iranian Gas Company (NIGC).
Saeed Pakseresht noted that having special and compact design. mini-LNG ISO Containers can be used easily in many places.
Based on the deal. a South Korean consortium. managed by Oceanus will cooperate with KITECH. DongHwa Entec. Sung-IL Encare. Gs E&.C. KoGas Tech and KGS.
The Iranian side also formed a consortium headed by NIGC to develop mini-LNG plant according to the contract.
ISO containers are capable of storing LNG in a cryogenic state for up to 75 days. providing enough time for the cargo to reach its destinations and to serve as a viable means of storage.
Iran. despite having the world`s biggest natural gas reserves. does not have LNG export facilities. so shipping its gas to South Korea would require vast investment and requires investment to develop.
Korea Gas Corp. (KOGAS) — the world`s No.2 LNG buyer — is a main importer of Iranian LNG.
Iran is moving forward quickly in developing its oil and gas resources. South Korean state-owned energy giant KoGas secured an MoU with the National Iranian Oil Company (NIOC) in May 2016 to work on the Balal gas field in the Persian Gulf.
A memorandum of understanding was signed by NIOC Managing Director Hamidreza Araqi and the President of KoGas. Seung-Hoon Lee.
Following technical studies in the Balal field — one of Iran`s key gas fields in the Persian Gulf — Kogas presented its proposals for the field`s development to the NIOC. The proposals. Araqi explained. will also consider LNG production.
The deal was signed during a three-day state visit by former South Korean president Park Geun-hye to Tehran. during which the two countries also signed 19 cooperation agreements.
