South Korean LNG importing giant Kogas continues to boost its gas sales year-on-year and they increased 29.9 percent in June.
Kogas said in a filing to the stock exchange it sold 2.29 million mt last month. This compares to 1.76 million mt Kogas had sold in June last year.
June sales dropped 0.8 percent when compared to the previous month’s 2.31 million mt, the state-owned firm, which has a monopoly in domestic gas sales, said.
Furthermore, purchases by power firms surged 44.5 percent year-on-year to 1.32 million mt in June. These purchases also rose by 13.5 percent when compared to the previous month.
Kogas said its sales to retail gas companies for households and businesses increased 14.1 percent year-on-year to 972,000 mt, while they decreased 15.3 percent compared to the month before.
The firm currently operates four large-scale LNG terminals, namely Incheon, Pyeong-Taek, Tong-Yeong, and Samcheok, as well as a small-scale regasification terminal at the Aewol port on Jeju island. The LNG importer plans to build a large terminal in Dangjin as well.
To remind, Qatar Petroleum revealed this week it had entered into a 20-year deal to supply LNG to Kogas.
Under the sales and purchase agreement, QP will deliver 2 million tons per year of LNG to Kogas’ receiving LNG terminals. The supplies will start in 2025.