Korea Gas Corp. (036460), the world’s biggest importer of liquefied natural gas, said it plans to spend 805.1 billion won ($700 million) to buy a stake in Royal Dutch Shell Plc (RDSA)’s Prelude LNG venture in Australia.
The state-controlled utility’s board approved the spending through a wholly-owned Australian unit formed last year for the purchase, the Gyeonggi, South Korea-based company said in a regulatory filing today. Korea Gas didn’t specify the timing of the purchase or how much of the venture it would own.
Korea Gas had said in August it plans to acquire a 10 percent stake in the Prelude project after signing a contract to buy 3.64 million metric tons of LNG a year starting 2014 from the venture.
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