South Korea’s Kogas says April sales slightly down

South Korean LNG importing giant Kogas reported a slight drop in its April gas sales following a rise of 12.1 percent in the month before.

Kogas sold 2.71 million mt last month, down 2 percent when compared to about 2.77 million mt the firm had sold in April 2021, according to a stock exchange filing.

April sales decreased by 29.7 percent when compared to the previous month’s 3.86 million mt when higher demand in the power generation sector boosted the company’s sales.

Purchases by power firms dropped by 7.9 percent year-on-year to 1.30 million mt in April. These purchases declined by 28.1 percent when compared to the previous month.

Furthermore, Kogas said its sales to retail gas companies for households and businesses rose by 4.2 percent year-on-year to 1.41 million mt, while they dropped by 31.2 percent compared to the month before.

Kogas currently operates four large LNG terminals. These include Incheon, Pyeongtaek, Tongyeong, and Samcheok, but the firm has a small-scale regasification terminal at the Aewol port on Jeju island as well.

On top of these facilities, the LNG importer is building a large terminal in Dangjin.

Kogas imports LNG from plants located around the globe and it recently signed a deal with BP to buy US LNG for a period of 18 years.

Under the Henry Hub-linked sale and purchase deal, BP Singapore, a unit of BP, will deliver 1.58 million tonnes of LNG per year to Kogas starting in 2025.

Kogas said this marked the first long-term supply contract between the two firms and the import volume covers about 3 percent of South Korea’s annual LNG consumption.

Most Popular

Venture Global’s CP2 LNG to start mobilization and site preparation

Venture Global LNG's CP2 LNG has received approval from the US FERC to start mobilization and other limited activities for the LNG project in Louisiana.

Prime Infra to buy 60 percent stake in First Gen’s Batangas LNG terminal

First Gen has entered into a deal with Prime Infrastructure Capital under which the latter will acquire a 60 percent equity stake in First Gen's gas business in the Philippines, including the Batanagas LNG terminal.

Atlantic LNG shipping rates continue to decrease

Atlantic LNG freight shipping rates continued to decrease this week, while European prices also dropped compared to last week.

More News Like This

South Korea’s Kospo seeks one spot LNG cargo

Korea Southern Power (Kospo) has released a tender inviting firms to submit bids for one spot LNG shipment for delivery in July 2025.

South Korean LNG terminal secures $815 million loan

South Korea's BS Hanyang and GS Energy have secured a 1.1 trillion won ($815 million) loan for their Northeast Asia LNG hub terminal in Yeosu.

South Korea’s Kogas boosts April sales

South Korean LNG importing giant Kogas said its gas sales rose by 13.9 percent in April compared to last year.

South Korea’s Komipo, partners launch tender for one spot LNG cargo

Korea Midland Power (Komipo), Korea Southern Power (Kospo), and a unit of SK released a tender inviting firms to submit bids for one spot LNG shipment for delivery in June.