South Korea’s state-run Korea Gas Corp (KOGAS) has gone into an arbitration with Australia’s North West Shelf Gas to settle a liquefied natural gas (LNG) contract that ended in 2016. a company spokesman said on Monday.
The KOGAS spokesman declined to give further details. Woodside Petroleum. the operator of the North West Shelf joint venture was not immediately available for comment.
The arbitration relates to a difference over an agreed price renegotiation during a mid-term supply contract. a source familiar with the matter told Reuters. declining to be named due to the sensitivity of the matter.
South Korea imports most of its LNG through the country’s sole LNG wholesaler KOGAS. which brings in over 30-31 million tonnes per year of LNG. mainly from Qatar and Australia.