(EnergyAsia, April 17 2012, Tuesday) — Swiss energy trader Vitol SA said it has signed a long-term agreement to supply Korea Midland Power (KOMIPO), a South Korean power company 400,000 tons of liquefied natural gas (LNG) a year for 10 years starting 2015.

The contracted volume is equal to about 17% of KOMIPO’s annual consumption volume based on 2011 figures.

Worth about US$3.4 billion on current prices, the contract for the direct import of LNG from an overseas supplier is the first of its kind signed by a Korean power company. Until now, Korea Gas Corporation has been the sole supplier of LNG for domestic public power companies.