The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Kim Yong-hwan, “Korea Eximbank”) announced that the bank hosted the ‘Korea-North America LNG Conference 2013’ jointly with Norton Rose Fulbright in Houston, USA, for two days starting from December 4.

Korea Eximbank held the conference to introduce its financial support strategies regarding LNG projects directly to players in the North American LNG market, where project opportunities awaiting Korean companies are estimated at USD 200 billion for the next five years.

In May this year, Korea Eximbank had provided USD 750 million in financing for the Sabine Pass LNG Project, the first-ever LNG export project in the U.S. and in which Korea Gas Corporation (KOGAS) has an off-take agreement to purchase the equivalent of 10% of Korea’s annual LNG imports for the next 20 years.

The Bank also arranged the participation of six Korean commercial banks as lenders in the project.

The conference was joined by about 300 participants from 100 LNG-related companies including gas developers such as Freeport LNG and Excelerate Energy, oil majors such as Shell and ExxonMobil, natural resources companies, engineering companies, shipbuilders, financial institutions, consultancies, and law firms from Korea and North America.

In the morning session of the first day of conference, major North American LNG project sponsors shared their intimate knowledge of project opportunities in the region, while Korean energy companies such as KOGAS offered an overview of Korea’s current LNG imports and future needs.

During the afternoon session, Korean exporters made detailed presentations on their shipbuilding and engineering technology along with their global expansion strategies, followed by Korea Eximbank’s presentation on how it aims to help finance their activities overseas.

The second day of conference saw one-on-one meetings among Korean companies, North American project sponsors, and financial institutions interested in seeking potential business partners.

Enthusiasm for the meetings was such that the 70 meeting rooms prepared for the occasion were booked full within a day since registrations began.

In particular, Korea Eximbank conducted meetings with more than 20 entities in an effort to identify opportunities for Korean companies.

North America is home to the world’s richest shale gas deposits, and is soon to become a net exporter of LNG thanks to a rapidly evolving shale gas extraction technology which has driven up production in recent years.

In particular, the U.S. government is approving one LNG export project after another ever since the successful financial close of the Sabine Pass LNG project in May, so that about 20 LNG export projects worth a combined USD 200 billion are expected to break ground within the next five years.

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