South Korea, the world's third-biggest importer of liquefied natural gas, is going to buy more LNG from the U.S. starting in 2025.<br />Korea's state-run gas company signed a deal with BP on Tuesday.<br />Kim Hyesung reports.<br />South Korea will purchase nine-point-six billion U.S. dollars of U.S. liquefied natural gas over the course of 18 years starting 2025.<br />According to the trade ministry on Tuesday, the state-run Korea Gas Corporation has signed an agreement with BP to buy 1-point-58 million tons of LNG from the U.S.<br />The 15-year deal, which can be extended to 18 years at a seller's option, is the first long-term LNG purchase contract signed between Korea and the U.S. during the Trump Administration.<br />President Moon Jae-in also referred to the deal in his meeting with President Trump in New York.<br />"During my visit, we have decided to purchase more LNG from the U.S., and Korea's auto industry will make a joint venture with a U.S. autonomous vehicle company. I believe that all this will help further enhance the Korea-U.S. alliance."<br />Data by the Korea International Trade Association shows South Korea is the world's third largest LNG importer and mainly purchases LNG from Qatar and Australia.<br />This latest deal is expected to help Korea diversify its sources of LNG.<br />Bilateral energy trade between Korea and the U.S. has grown seven-fold since 2016 and Korea has been the number one importer of U.S. LNG since 2018, surpassing Mexico and Japan.<br />The trade ministry says U.S. LNG imports are expected to increase from 10-point-six percent in 2018 to near 23 percent by 2025.<br />Kim Hyesung, Arirang News.<br />
