South Korea’s state gas company KOGAS has signed a Memorandum of Understanding (MOU) with the Brazilian state of Ceara to help develop a liquefied natural gas (LNG) import terminal, according to Reuters.
The likely site is the Port of Pecem about 32 miles northwest of the state capital Fortaleza.
The project would involve transforming a Floating Storage Regasification Unit (FSRU) into an LNG terminal on land.
KOGAS is the largest LNG-importing firm in the world. Last month its signed another such MOU in the region for an LNG import terminal in Yucatan, Mexico. The budget for that project is believed to be around $1.5bn.