Last week the firm advised global steel giant POSCO on a $2 billion sales and purchase agreement signed in Bali which will see POSCO become the first private company to import liquefied natural gas (LNG) into Korea.

The agreement with the BP-led Tangguh LNG consortium will supply 550,000 tons of LNG per annum to Korea for the next 20 years.

Corrs partner John King said the agreement was a historic milestone for the Korea LNG market.

“The Korean LNG market has traditionally been dominated by the state-run Korean Gas Corp. This is the first time a private company has obtained a contract for direct LNG importation,” said King.

“This is an important step which will assist in underpinning the US$2.2 billion construction cost of the Tangguh LNG project to be located in Papua, Indonesia.

“POSCO will receive the LNG via its US$300 million LNG receiving terminal at Gwangyang Bay, Korea which is currently under construction,” King said.

Chief executive officer and partner John Denton said the project was one of a number of high profile LNG agreements the company would be involved in over the next few years.

“Our team has demonstrated its continuing strength in the energy issues by advising on such an important project. It also shows the increasing role of Perth-based lawyers in major international energy transactions.”