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Russia, Yemen, Malaysia To Supply SKorea With LNg

South Korea plans to buy a total of 5 million tons of LNG

South Korea has selected Malaysia Liquefied Natural Gas, Yemen LNG Co. and Russia's Sakhalin Energy Investment Co. as its suppliers of liquefied natural gas from 2008, the Ministry of Commerce, Industry and Energy said Wednesday.

South Korea plans to buy a total of 5 million tons of LNG at a total cost of around US$20 billion.

The ministry said the price would be 35-40 percent cheaper than previous long-term LNG import deals and could save the country over $13 billion over a 20-year period.