South Korea’s Kogas reports lower sales in March

South Korean LNG importing giant Kogas reported lower gas sales in March when compared to the same month last year.

Kogas sold 3.14 million mt last month, a drop of 18.6 percent when compared to 3.86 million mt in March last year, according to a stock exchange filing.

March sales dropped by 20.2 percent when compared to the previous month’s 3.93 million mt.

Purchases by power firms decreased by 20.5 percent year-on-year to 1.43 million mt in March. These purchases were down by 18 percent when compared to the previous month.

Moreover, Kogas said its city gas sales decreased by 17 percent year-on-year to 1.70 million mt, while they dropped by 21.9 percent when compared to the month before.

South Korean LNG imports rose slightly from 45.9 million tons in 2021 to about 46.3 million tons of LNG in 2022 as the costs doubled year-on-year, according to customs data.

During January-February this year, South Korean LNG imports rose to 9.87 million tons from 8.47 million tons last year, the data shows. The costs of these imports rose 37 percent when compared to the year before.

In January, South Korea imported 4.78 million tons of LNG and most of the volumes came from Australia, Oman, Malaysia, and Indonesia, the data shows. This compares to 4.99 million tons in January last year.

As per February, LNG imports to South Korea reached 5.08 million tons with most of the volumes coming from Australia, Malaysia, Oman, and Indonesia. These volumes compare to 3.47 million tons in February last year.

Data for March is not yet available.

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.

Kogas recently signed a memorandum of understanding with Japan’s Jera to strengthen their strategic relationship and cooperate in LNG supply, as the “uncertainty regarding global energy supply is drastically increasing.”

Most Popular

Williams launches Transco pipeline expansions

US natural gas pipeline operator Williams has launched two fully contracted expansions of the existing Transco pipeline to meet growing domestic demand and LNG exports.

Update: Shell’s LNG Canada receives LNG cargo

Shell’s LNG Canada has received a cargo of liquefied natural gas as part of the commissioning and start-up phase.

DOE gives further boost to US LNG exports

The US Department of Energy (DOE) has removed a regulatory barrier that required liquefied natural gas (LNG) projects to start export within seven years of receiving regulatory approval.

More News Like This

Korea East-West Power, E1 to build LNG power plant

Korea East-West Power and E1 have signed a framework deal to build an LNG power plant to supply electricity in Yeosu, South Jeolla province.

GECF says February LNG imports climb

Global liquefied natural gas (LNG) imports rose by 3.7 percent year-on-year in February, boosted by higher imports in Europe, the Gas Exporting Countries Forum said in its latest report.

South Korea’s Kogas boosts sales in February

South Korean LNG importing giant Kogas said its gas sales rose 20.4 percent in February compared to the same month last year.

South Korea’s Kogas logs lower sales in January

South Korean LNG importing giant Kogas said its gas sales in January decreased compared to the same month last year.