South Korean LNG importing giant Kogas increased its gas sales in February year-on-year, but they dropped compared to the previous month when power demand surged due to cold weather.
Kogas said in a filing to the stock exchange it sold 3.72 million mt last month, a rise of 3 percent compared with 3.61 million mt a year earlier.
However, February sales dropped 24.7 percent when compared to the previous month’s 4.95 million mt, the state-owned firm, which has a monopoly in domestic gas sales, said.
South Korea, as well as the entire region, briefly experienced unusually warm weather in the second part of February, with temperatures in some regions reaching almost 25 degrees Celsius on February 21, the Korean Meteorological Agency said.
According to Kogas, purchases by power firms rose 4.6 percent year-on-year to 1.44 million mt in February, but they logged a 23 percent decrease compared to January when a cold spell boosted demand for heating.
Moreover, Kogas said its sales to retail gas companies for households and businesses also increased 2 percent year-on-year to 2.28 million mt, while they dropped 25.7 percent compared to the month before.
Kogas currently operates four large-scale LNG terminals, namely Incheon, Pyeong-Taek, Tong-Yeong, and Samcheok, as well as a small-scale regasification terminal at the Aewol port on Jeju island.
The LNG importer is also planning a large terminal in Dangjin.