South Korea’s Kogas says December sales drop 5.8 percent

South Korean LNG importing giant Kogas said the company’s December gas sales declined 5.8 percent, marking the first monthly year-on-year decrease during 2021.

Kogas sold 4.27 million mt last month. This compares to about 4.53 million mt Kogas had sold in December last year, according to a stock exchange filing.

December sales rose almost 27 percent when compared to the previous month’s 3.36 million mt, the state-owned firm said.

Purchases by power firms dropped 13.3 percent year-on-year to 1.56 million mt in December. These purchases rose by 3.2 percent when compared to the previous month.

Furthermore, Kogas said its sales to retail gas companies for households and businesses decreased 0.8 percent year-on-year to 2.71 million mt, while they surged 46.2 percent compared to the month before.

Kogas currently operates four large-scale LNG terminals, namely Incheon, Pyeongtaek, Tongyeong, and Samcheok, as well as a small-scale regasification terminal at the Aewol port on Jeju island. The LNG importer is building a large terminal in Dangjin as well.

Besides the LNG business, Kogas also has big plans for hydrogen. Kogas has last year revealed ambitious plans for its hydrogen business as it aims to reach 3 trillion won ($2.55 billion) in operating profit by 2030.

The firm said then it plans to supply 830,000 tons of hydrogen per year by 2030, including importing green hydrogen from overseas from countries such as Australia.

It also recently started building a hydrogen production plant in Gwangju, a city in the country’s southwestern region.

Kogas said this is the first out of three mid-to-large scale hydrogen plants the company plans to build by 2023.

The other two plants would be located in Changwon and the port city of Pyeongtaek.

Most Popular

Wison scores Suriname FLNG gig

China’s Wison New Energies has signed a detailed feasibility study deal for a newbuild floating liquefied natural gas (FLNG) facility in Suriname's offshore Block 52.

Eni: third phase of YPF’s Argentina LNG project requires $20 billion investment

The third phase of YPF's Argentina LNG export project would require an investment of about $20 billion, according to Eni’s COO of global natural resources, Guido Brusco.

Atlantic LNG shipping rates jump this week

Atlantic LNG freight shipping rates jumped this week, while European prices decreased compared to last week.

More News Like This

South Korea’s Kogas reports lower sales

South Korean LNG importing giant Kogas said its gas sales dropped by 3.8 percent in March compared to last year. South Korean LNG imports rose last month year-on-year.

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.

South Korea’s Kogas logs lower sales

State-owned Kogas sold 3.96 million mt last month, down 2.9 percent from 4.08 million mt in December 2023, the firm said in...