The state-run Korea Gas Corp. said Thursday that it started the operation of three large-scale LNG storage tanks in eastern South Korea earlier this week.Since March, the utility firm has test-run the three 270,000 kiloliter LNG storage tanks in Samcheok, 290 kilometers east of Seoul. The capacity of the tanks is the largest in the world, according to KOGAS. (Yonhap)The Samcheok LNG facility currently operates nine 200,000 kiloliter LNG storage tanks.With the three storage tanks going into full

The Korea Gas Corp., the world's fourth-largest LNG buyer, said Thursday that it has reached a deal with its counterparts in China and Japan to cooperate on jointly purchasing LNG and sharing related information. (Yonhap)Under the memorandum of understanding with Japan's JERA and China's CNOOC, KOGAS will work together with the two companies to create a "favorable" environment for LNG purchases, the utility firm said.South Korea, Asia's fourth-biggest economy, is one of the largest consumers of

The state-run Korea Gas Corp. has filed a compensation suit against 13 construction companies over allegations they fixed prices for building its storage tanks, the companies said Thursday.The world's largest LNG importer filed the some 200 billion won($172 million) suit with the Daegu District Court on Feb. 16, according to the announcement made by Hyundai Engineering & Construction Co., Daewoo Engineering & Construction Co. and Daelim Industrial Co.  The logo of KOGAS (KOGAS)In April last year

There are eight public enterprises that are listed on the domestic stock market: Kangwon Land, Grand Korea Leisure, Industrial Bank of Korea, Korea Gas Corporation, Korea Electric Power Corporation, KEPCO Engineering and Construction Company, KEPCO KPS, and Korea District Heating Corporation.The corporate stocks of these companies are openly traded on the market. Both individuals and companies can be shareholders while the government holds over 50 percent of the shares, allowing it to have autho

South Korea’s exports jumped 72.8 percent from a year earlier in the first 10 days of this month, the latest customs data showed, continuing an upward trend since November.The on-year growth in the country’s outbound shipments accelerated from 2.5 percent in November to 6.4 percent in December and 11.2 percent last month. (Yonhap)Attributed partly to a base effect reflecting underperformances the year before, the recent stretch of increase should be good news for trade officials here, who have b

[THE INVESTOR] Korea Electric Power Corp.’s operating profit in the third quarter will reach its highest ever, according to Samsung Securities on Oct. 17.Its sales in the third quarter will stand at 15.47 trillion won (US$13.57 billion) but its operating profit should rise 7 percent to 4.64 trillion won on-year, estimated Yang Ji-hye, an analyst at Samsung.“Given that KOGAS’ sales of liquefied natural gas rose 12.5 percent in the third quarter on-year, that of KEPCO’s electricity must have incre

[THE INVESTOR] Korea Gas announced on Oct. 5 that it has signed an agreement with BP to sell annual 330,000 tons of liquefied natural gas produced at its offshore facility in Mozambique for the next 20 years. Through its subsidiary, the state-owned company owns 10 percent stake of Coral South Floating LNG Facility expected to be installed offshore the African country. The facility is operated by Eni East Africa, which owns 70 percent stake in Area 4, where 1.8 billion tons of gas was discovered

[DISCLOSURE] Korea Gas (036460) reported on Sept. 13 that its sales of natural gas in August increased 5.6 percent to 2,197,000 tons, on-year.Sales of city gas declined 1.5 percent to 805,000 tons while sales for power generators rose 10.4 percent to 1,392,000 tons. By Jung Min-kyung (mkj1105@heraldcorp.com)

[THE INVESTOR] Korea Gas has signed a memorandum of understanding with Ceara state government of Brazil on Sept. 9 for a project to develop a liquefied natural gas terminal, it announced on Sept. 13.The state-owned company will form a consortium with a civil partner and transform the current floating storage regasification unit at Pecem port to an onshore unit. Based on this project, the gas company is seeking to develop a “total LNG business solution model” that offers a package deal from impor

[THE INVESTOR]The South Korean government will reduce the debt-equity ratio of public corporations to around 150 percent by 2020, the Finance Ministry said on Sept. 1.Under a long-term financial management plan, 39 public firms, including the Korea Gas Corp. and the Korea Electric Power Corp., are required to maintain their debt-equity ratio at an average 151 percent from the current 194 percent in the coming five years, with their total debt hovering around 490 trillion won (US$439.10 billion),

The South Korean government will reduce the debt ratio of public corporations to around 150 percent by 2020 as part of its efforts to improve the balance sheets of state-funded agencies, the finance ministry said Thursday.Under a long-term financial management plan, 39 public firms, including the Korea Gas Corp. and the Korea Electric Power Corp., are required to maintain their debt-to-total asset ratio at an average 151 percent from the current 194 percent in the coming five years, with their t

State-run Korea Gas Corp. (KOGAS), the world's largest LNG importer, will soon place shipbuilding and maintenance orders with local shipyards, as part of efforts to help them weather their worst-ever slump, its chief said Monday.KOGAS president Lee Seung-hoon said it will advance the schedule of placing orders for two new LNG carriers to the first half of next year and assign sizable maintenance work for its large LNG carriers to local shipyards."We are working to place an order for two LNG ship

[THE INVESTOR] Korea Gas (036460) reported on Aug. 10 that its operating loss in the second quarter came in at 6.4 billion won (US$5.90 million). Revenue declined 28.81 percent to 3.54 trillion won and net loss ballooned 162.86 percent to 106.3 billion won from the same period last year.The public corporation explained that “fall in the oil price led to a decrease in the net profit” adding that “the debt-equity ratio declined from last year’s 321.5 percent to 294 percent in the first half.” Kore

[DISCLOSURE] Korean Gas (036460) reported on Aug. 10 that its operating loss came in at 6.4 billion won (US$5.9 million) on-year. Sales declined 28.81 percent to 3.5 trillion won and net loss stood at 106.3 billion won. 

[THE INVESTOR] Samsung Securities forecast state-run Korea Gas Corp.’s second quarter operating profit will jump 417.3 percent on-year to 19 billion won (US$16.73 million) on improved earnings from overseas exploration and production businesses. Revenue, however, was expected to fall 15.4 percent to 4.2 trillion won on declining sales in liquefied natural gas.Further undermining KOGAS’ profit in the latter half of the year is its recent decision to suspend its development program in Iraq’s Akkas