SEOUL-- South Korea's state-run gas importer said Friday it has signed a contract to import 1.58 million tons of U.S.-produced liquefied natural gas (LNG) from the British oil company BP Plc annually.

Under the contract, KOGAS will import the LNG, beginning in 2025, for 18 years.

The LNG, which will be imported from BP's subsidiary in Singapore, will cover 3 percent of South Korea's annual consumption.

KOGAS said its first long-term deal with BP will help reduce the country's dependence on imports from existing suppliers.

Source: Yonhap News Agency