South Korean LNG importing giant Kogas said its October gas sales rose almost 16 percent on the back of higher demand in the power generation sector.
Kogas sold 2.65 million mt last month. This compares to about 2.29 million mt Kogas had sold in October last year, according to a stock exchange filing.
October sales also rose 18.1 percent when compared to the previous month’s 2.24 million mt, the state-owned firm said.
Purchases by power firms rose 29 percent year-on-year to 1.38 million mt in October. These purchases also rose by 5.2 percent when compared to the previous month.
Also, Kogas said its sales to retail gas companies for households and businesses increased 4.2 percent year-on-year to 1.26 million mt, while they rose 36.5 percent compared to the month before.
Kogas currently operates four large-scale LNG terminals, namely Incheon, Pyeongtaek, Tongyeong, and Samcheok, as well as a small-scale regasification terminal at the Aewol port on Jeju island. The LNG importer is building a large terminal in Dangjin as well.
Besides the LNG business, Kogas also has big plans for hydrogen. The firm aims to supply 830,000 tons of hydrogen per year by 2030, including importing green hydrogen from overseas from countries such as Australia.