South Korean LNG importing giant Kogas reported slightly higher gas sales in August compared to the same month last year due to higher demand for power generation.
Kogas sold 2.31 million mt last month, a rise of 0.8 percent compared to 2.29 million mt in August last year, according to a stock exchange filing.
August sales increased by 1.4 percent compared to the previous month’s 2.28 million mt, Kogas said.
Purchases by power firms rose by 4.4 percent year-on-year to 1.43 million mt in August. These purchases rose by 5.1 percent compared to the previous month.
Moreover, Kogas said its city gas sales decreased by 4.7 percent year-on-year to 0.88 mt, while they decreased by 4 percent compared to the month before.
During January-July this year, South Korean LNG imports dropped slightly to 25.71 million mt from 26.01 million mt last year, customs data shows.
August data is not yet available.
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.
Also, the firm is building a large terminal in Dangjin.
Kogas reported a decline of 9.7 percent in its sales during January-June to 18.46 million mt.
The firm said its city gas sales decreased by 10.8 percent during the period due to higher average temperature and higher unit sales price and decreased demand due to the decline in price competitiveness compared to LPG.
Also, sales to power firms decreased by 8.3 percent and Kogas said total power generation decreased due to the economic recession.