Korea Middle Power Co Ltd (KOMIPO) and Vitol agreed to extend an existing long-term LNG Supply and Purchase Agreement (LNG SPA). The original deal was signed in 2011, deliveries commenced in 2015, with Vitol supplying KOMIPO with over 4 million tons of LNG over 10 years. Under this extension agreement, Vitol will continue to supply KOMIPO with LNG. From 2025 to 2028 Vitol will supply three cargoes per annum to KOMIPO. The extension confirms the trust and strength of the relationship developed over years of reliable LNG deliveries.

Mr. Young Jo Lee, Head of Planning & Administration Division of KOMIPO said: “We are pleased to extend the existing LNG SPA with Vitol based on mutual trust and understanding. This signing ceremony will pave the way for both parties to cement the long-term relationship.”

Mr. Pablo Galante Escobar, Head of LNG, EMEA Gas & Power of Vitol added: “We are delighted to extend our long-term LNG SPA with KOMIPO, a highly respected company in South Korea and our important long-term customer. We look forward to strengthening our partnership with KOMIPO and working on further opportunities. Vitol is committed to offering reliable and flexible LNG solutions to customers worldwide.”

Vitol has traded LNG for over 16 years. It is expanding its presence globally and last year traded over 17 million tonnes of LNG worldwide.

About Vitol

Vitol is a leader in the energy sector with a presence across the spectrum: from oil through to power, renewables and carbon. It trades 7.4 million barrels per day of crude oil and products, and charters circa 6,000 sea voyages every year.
Vitol’s clients include national oil companies, multinationals, leading industrial companies and utilities.
Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: 17 m m3 of storage globally, circa 500 k b/d of refining capacity, over 7,000 service stations and a growing portfolio of transitional and renewable energy assets. Revenues in 2022 were $505 billion.