South Korea’s Komipo launches tender for one LNG cargo

Korea Midland Power (Komipo) has released a tender inviting firms to submit bids for one spot LNG shipment for delivery in August.

Komipo is seeking 3.2-3.8 trillion British thermal units (TBtu) of LNG on a delivered ex-ship (DES) basis.

Moreover, the delivery window is August 7-9 and the volumes will be delivered to a Kogas-operated LNG import terminal in South Korea, according to Komipo.

The LNG terminals include Incheon, Pyeongtaek, Tongyeong, and Samcheok.

Komipo said the tender deadline closes on June 13 at 16:30h Singapore time.

Prior to this tender, Komipo issued a tender on May 16 for one LNG cargo to be delivered during July 10-11.

The South Korean power generation firm recently extended its LNG supply deal with energy trader Vitol.

The original SPA was signed in 2011. Deliveries started in 2015, with Vitol supplying Komipo with over 4 million tons of LNG over 10 years.

Under this extension agreement, Vitol will continue to supply Komipo with LNG from 2025 to 2028, the Geneva-based trader said without providing further information.

South Korea is the world’s third largest LNG importer after China and Japan.

During January-April this year, South Korean LNG imports dropped to 16.84 million mt from 17.06 million mt during the same period in 2023, according to customs data.

South Korea imported 44.1 million mt of LNG in 2023, down from 46.3 million mt in the year before, the data shows.

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