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State-owned Kogas sold 4.30 million mt last month, down 2.6 percent from 4.42 million mt in January 2024, the firm said in a stock exchange filing.
December sales were higher than the previous month’s 3.96 million mt, which marked a decrease of 2.9 percent year over year.
Purchases by power firms decreased 7 percent year-on-year to 1.50 million mt in January, and they were higher by 11.3 percent compared to the previous month.
Moreover, Kogas said its city gas sales decreased 0.1 percent year-on-year to 2.80 million mt in January but were higher 7.2 percent from the previous month.
Kogas previously did not provide data for the entire year of 2024.
Based on the company’s monthly reports, Kogas sold 34.19 million mt in 2024.
This is down by 1.3 percent compared to 34.64 million mt in 2023.
Kogas said in its third-quarter earnings report that city gas demand rose by 4.1 percent during the period.
Residential demand increased due to a lower average temperature and economic recovery, and industrial demand rose due to strong exports which improved manufacturing demand, it said.
Kogas noted total power generation decreased by 2.4 percent in the third quarter due to higher power generation by direct LNG sourcing companies.
Korean LNG imports rise
Kogas operates 77 LNG storage tanks at five LNG import terminals in South Korea.
The large terminals include Incheon, Pyeongtaek, Tongyeong, and Samcheok, while the firm has a small-scale regasification terminal at the Aewol port on Jeju island as well.
In addition to these facilities, the firm is building a large terminal in the western port city of Dangjin and expects to launch the first phase in 2025.
In August 2024, Kogas completed lifting the roofs on all four 270,000-cbm tanks at its Dangjin LNG import facility.
Official data for South Korean LNG imports in January of this year has not yet been released.
According to customs data, in 2024, South Korean LNG terminals took 46.3 million mt, a rise from 44.1 million mt in 2023.
Australia was the biggest supplier last year, with 11.4 million mt of LNG, followed by Malaysia with 6.13 million mt and Oman with 4.72 million mt, the data shows.