Kepco Unit Inks 10-Year, $3.4B Gas Deal With Vitol

Law360, New York (April 9, 2012, 7:19 PM EDT) -- Korea Midland Power Co. Ltd., a Korea Electric Power Corp. subsidiary, inked a $3.4 billion deal to buy liquefied natural gas from Swiss energy trader Vitol SA, the South Korean company said Monday.

The 10-year contract will bring 400,000 metric tons (440,920 tons) of LNG to South Korean customers each year beginning in 2015, Korea Midland Power said.

Based on last year's numbers, the agreement, which is effective through 2024, will cover 17 percent of the company's overall LNG needs, it said.

Korea Midland Power operates...
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