SEOUL, Korea - Luis Alberto Moreno, President of the Inter-American Development Bank (IDB), and Mr. Choo, Kangsoo, President and Chief Executive Officer of the Korea Gas Corporation (KOGAS), signed a memorandum of understanding (MoU) during the Korea-LAC Business Forum to work together on energy initiatives and programs in Latin America and the Caribbean.
The IDB and KOGAS will work on joint projects and studies, technical training and staff exchange programs on topics related to Liquefied Natural Gas (LNG) and the Extractive Industries Transparency Initiative.
In recent years several Latin American and Caribbean countries have embraced ship-borne LNG as an important component of their energy matrix. Five re-gasification terminals have opened in the last three years to meet an expected increase in demand in Brazil, Argentina and Chile.
KOGAS is a public corporation of the Government of the Republic of Korea that imports Liquefied Natural Gas (LNG) to supply to power generation plants, gas utility companies and city gas companies throughout the country. Since its establishment in 1983, KOGAS has produced and supplied natural gas, purified and sold gas-related by-products, built and operated production facilities and distribution networks, and explored, imported and exported natural gas for domestic and overseas markets.
The IDB Group, the main development institution in Latin America and the Caribbean, with numerous ongoing initiatives that promote energy access for all, integrating a variety of energy sources, will bring its own extensive expertise and resources to the partnership.