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Woodside signs supply deal with KOGAS
The West Australian

UPDATE 1.30pm: Woodside Petroleum has signed a deal with Korea Gas Corporation (KOGAS) to supply 2.2 million tonnes of LNG from its Pluto project over three years starting in April.

The company said the terms of the agreement were confidential and the deal was conditional on pending government approvals.

"Existing Pluto LNG agreements with foundation buyers provide for LNG delivery of an ex-ship equivalent of approximately 3.25 million tonnes per annum (mtpa)," Woodside said in a statement.

"This comprises Kansai Electric 1.75mtpa and Tokyo Gas 1.5mtpa.

"The previously stated delivery to foundation buyers of up to 3.75mtpa (as announced in July 2007), which includes foundation buyer options of up to 0.5mtpa, no longer applies."

Woodside chief executive Peter Coleman welcomed the agreement with KOGAS and noted it demonstrated Woodside's ability to supply LNG using increasingly flexible and innovative arrangements.

Woodside shares closed down 20 cents at $37.95.