September 12, 2016 / 8:37 AM / 2 years ago

UPDATE 1-KOGAS signs MOU with Brazil's Ceara state on LNG import terminal project

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SEOUL, Sept 12 (Reuters) - State-run Korea Gas Corp (KOGAS) said on Monday it signed a memorandum of understanding (MOU) with the Brazilian state of Ceara to cooperate on developing an LNG import terminal in Brazil.

Under the MOU, KOGAS will work on a project to transform an existing Floating Storage Re-gasification unit (FSRU) at the port of Pecem in Brazil to an onshore LNG import terminal, it said in a statement.

The state-run gas company said it plans to create a consortium with Korean private companies to carry out the project.

KOGAS intends to conduct a feasibility study and proceed with the project after evaluating the results.

KOGAS also said in the statement it is actively seeking business projects with countries including Bangladesh and South Africa that are trying to import LNG.

In August, the company signed a memorandum of understanding with the Mexican state of Yucatan to build an LNG import terminal that could cost between $1 billion and $1.5 billion.

Reporting By Jane Chung; Editing by Tom Hogue and Christian Schmollinger

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