Australian Energy Presence Grows in Korea

Australian LNG suppliers continue to display their active, on-the-ground commitment to supplying Korea's energy needs by opening offices in Seoul, Australian Trade Minister Mark Vaile said today.

Woodside Petroleum officially opened its Seoul office in April this year, and Gorgon Gas opened an office earlier this month. North West Shelf Australia LNG is soon expected to open an office in the Korean capital.

"Australia's proven track record as a reliable, secure and cost-competitive supplier of energy to North Asia includes the North West Shelf Venture's $25 billion LNG supply contract with China and a $1 billion LNG supply contract with Korea," Mr Vaile said.

"The presence of these major industry players in Seoul represents a significant step forward in cementing Australia's dedication to supplying the Korean market.

"The Australian Government strongly supports the efforts of Australia's LNG export industry to market its products in North Asia.

"With Korea's demand for natural gas projected to double within the next decade, Australia is well-positioned to meet Korea's expanding energy needs well into the future."

Korea is Australia's fifth largest export market and sixth largest trading partner overall. Exports of energy and minerals to Korea were worth around $6 billion in 2002-03.

Contact: Matthew Doman (Ministerial) on 02 6277 7420