South Korean LNG importing giant Kogas reported a slight increase in its August gas sales when compared to the same month a year ago.
Kogas sold 2.29 million mt last month, a rise of 0.4 percent when compared to about 2.28 million mt in August last year, according to a stock exchange filing.
August sales dropped by 11.5 percent when compared to the previous month’s 2.59 million mt.
Purchases by power firms decreased by 1.1 percent year-on-year to 1.37 million mt in August. These purchases dropped by 13.2 percent when compared to the previous month.
Moreover, Kogas said its sales to retail gas companies for households and businesses rose by 2.8 percent year-on-year to 924,000 mt, down by 8.8 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.
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.