South Korea continues to buy Russian gas: Source
South Korea's state-run gas business KOGAS continues to buy Russian LNG and has no plans to change, a source in the South Korean gas sector told Sputnik on Saturday.
South Korea's state-run gas business KOGAS continues to buy Russian liquefied natural gas (LNG), has no plans to change, and is willing to negotiate potential concerns with Russia in good faith, a source in the South Korean gas sector told Sputnik on Saturday.
According to the source, "KOGAS has no issues with Russia at the moment. If the situation changes in the future, KOGAS will discuss it with the Russian side in good faith in order to resolve an issue."
They highlighted that because energy resources were not initially sanctioned, KOGAS was not expected to have any difficulties. Meanwhile, long-term contracts are being implemented, supplies from Russia are continuing, and payment is made in dollars via a US bank and subsequently a Japanese bank.
The firm has not received a demand for payment in rubles. KOGAS also has no LNG projects with Russia that have had to be canceled or delayed.
The long-term arrangement between KOGAS and the Russian side calls for the purchase of 1.5 million tonnes of LNG per year or around 4% of the company's imports in 2021.