In tandem with the new South Korean president’s visit to the US, several South Korean companies signed memorandums of understanding (MOUs) with US entities to make investments in natural gas and LNG. The investments would also help the United States increase exports of natural gas and LNG to narrow a trade gap between the two countries that was expressed as a concern by the Trump administration.
South Korea's SK Group signed an MOU with General Electric to jointly develop US shale gas fields. SK Group plans to invest $1.6 billion in the US over 5 years and could seek to more than double that investment in additional investment opportunities. Additionally, the SK group expanded investment with Continental Resources.
Korea Gas Corp (Kogas), the world's second-largest LNG buyer and principal LNG buyer in South Korea, which is itself the world’s second-biggest LNG importer, said it signed an MOU with US companies including Exxon Mobil and Energy Transfer for cooperation in US LNG projects. Kogas also signed an MOU with the state-owned Alaska Gasline Development Corporation (AGDC) regarding assistance with the development of, and possible investment in, the $40 billion Alaska LNG Project. The project includes the construction of an 800-mile, 42-inch-diameter pipeline to carry gas from the North Slope to a planned large LNG plant on the Kenai Peninsula, in southern Alaska. The MOU is not exclusive and recognizes AGDC is in discussions with other parties to ensure timely development of Alaska’s energy infrastructure and export project which is targeted for 2020.
Sempra and Australia's Woodside Petroleum said affiliates had signed an MOU with Kogas tied to the development of the proposed Port Arthur LNG project in Texas.