South Korea’s Kogas says January sales drop 6.3 percent

South Korean LNG importing giant Kogas said the company’s January gas sales dropped for the second month in a row year-on-year.

Kogas sold 4.63 million mt last month, down 6.3 percent when compared to about 4.94 million mt Kogas had sold in January 2021, according to a stock exchange filing.

January sales rose almost 8.4 percent when compared to the previous month’s 4.27 million mt, which marked the only monthly decline for the entire 2021.

Purchases by power firms dropped 12.1 percent year-on-year to 1.64 million mt in January. These purchases rose by 5.4 percent when compared to the previous month.

Furthermore, Kogas said its sales to retail gas companies for households and businesses decreased 2.9 percent year-on-year to 2.98 million mt, while they rose 10.1 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.

South Korean LNG imports rose almost 15 percent in 2021 to about 45.9 million mt, according to customs data.

Kogas and other importers paid about $25.4 billion for these LNG imports, up almost 62 percent year-on-year, the data shows.

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