en.Wedoany.com Reported - Korea Southern Power Co. (KOSPO) signed a memorandum of understanding on Monday with ExxonMobil Power and Gas Services to collaborate on the U.S. liquefied natural gas (LNG) value chain.

According to a statement released by KOSPO, the MOU establishes a framework for cooperation between the two parties. KOSPO is expanding its portfolio in the U.S. power market by operating the Niles and Trumbull gas-fired combined cycle power plants in Ohio. ExxonMobil has extensive natural gas production and export infrastructure in the United States, and the two companies will jointly seek new business opportunities.

Under the agreement, the two companies plan to strengthen cooperation in the following areas: development and evaluation of U.S. combined cycle gas turbine projects, natural gas supply, LNG fuel supply, and LNG value chain infrastructure construction. KOSPO stated that the growth of the artificial intelligence industry has led to a surge in demand for data centers, exacerbating power shortages in the United States, and natural gas power generation is expected to serve as an alternative to ensure stable power supply.

In addition, the two parties plan to jointly review investment opportunities in the U.S. power value chain, including power generation assets, energy infrastructure, and decarbonization projects, and explore potential areas of cooperation in future global markets. Park Young-Chul, Executive Vice President of Corporate Planning at KOSPO, stated that based on experience directly operating gas-fired combined cycle power plants in the United States, the company will strengthen its business competitiveness in the U.S. energy market through cooperation with ExxonMobil and contribute to domestic energy security by securing a stable LNG supply chain.

Last year, Hanwha Group subsidiaries Hanwha Aerospace and Hanwha Energy joined forces with KOSPO to jointly procure U.S. LNG supplies. According to information on KOSPO's website, the company operates seven LNG power plants in South Korea: New Incheon, Busan, South Jeju, Yeongwol, Andong, New Sejong, and Hallim.

Posco International, a subsidiary of South Korean steelmaker POSCO, also signed a principle agreement with KOSPO involving the use of Posco International's Gwangyang LNG receiving terminal and the construction of pipelines. Posco International stated that it will provide services to KOSPO by utilizing the Gwangyang LNG terminal facilities and a direct pipeline under construction from the terminal to the Hadong LNG combined cycle power plant.

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