South Korea’s Kogas says monthly sales continue to rise

South Korean LNG importing giant Kogas said the company’s November gas sales rose almost 11 percent, continuing its monthly year-on-year rise during the entire year.

Kogas sold 3.36 million mt last month. This compares to about 3.04 million mt Kogas had sold in November last year, according to a stock exchange filing.

November sales also rose almost 27 percent when compared to the previous month’s 2.65 million mt, the state-owned firm said.

Purchases by power firms rose 18.2 percent year-on-year to 1.51 million mt in November. These purchases also rose by 9.2 percent when compared to the previous month.

Also, Kogas said its sales to retail gas companies for households and businesses increased 5.3 percent year-on-year to 1.85 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 earlier this 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.

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