South Korean LNG importing giant Kogas reported almost flat gas sales in September when compared to the same month a year ago.
Kogas sold 2.24 million mt last month, a drop of 0.2 percent when compared to September last year, according to a stock exchange filing.
September sales dropped by 2.3 percent when compared to the previous month’s 2.29 million mt.
Purchases by power firms rose by 1.7 percent year-on-year to 1.34 million mt in September. These purchases dropped by 2.3 percent when compared to the previous month.
Moreover, Kogas said its sales to retail gas companies for households and businesses decreased by 2.9 percent year-on-year to 902,000 mt, while they dropped by 2.4 percent when compared to the month before.
South Korean LNG imports dropped from 30.6 million tons in the January-August period last year to about 29.8 million tons of LNG in the same period this year as prices surged, according to customs data. September data has not yet been released.
Kogas imports LNG from plants located around the globe and currently operates four large LNG terminals in South Korea.
These include Incheon, Pyeongtaek, Tongyeong, and Samcheok. The firm has a small-scale regasification terminal at the Aewol port on Jeju island as well and is building a large terminal in Dangjin.
In parallel with LNG, Kogas is developing its hydrogen business. It aims to utilize its LNG infrastructure and knowledge gained in the LNG industry over the years to develop a hydrogen production and supply chain.