South Korea’s Kogas logs higher sales in March

South Korean LNG importer Kogas boosted its gas sales in March as purchases by power firms rose.

Kogas said in a filing to the stock exchange it sold 3.44 million mt last month, a rise of 8.6 percent compared with 3.17 million mt a year earlier.

March sales dropped 7.5 percent when compared to the previous month’s 3.72 million mt, the state-owned firm, which has a monopoly in domestic gas sales, said.

According to Kogas, purchases by power firms rose 18.9 percent year-on-year to 1.56 million mt in March. They also increased 8.3 percent when compared to the previous month.

Moreover, Kogas said its sales to retail gas companies for households and businesses also increased 1.3 percent year-on-year to 1.88 million mt, while they dropped 17.4 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 plans to build a large terminal in Dangjin.

To remind, Kogas has also recently ordered a bunkering vessel at compatriot Hyundai Heavy as it looks to further boost its fueling business.

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