South Korea’s Kogas said its LNG imports dropped 14 percent in the first nine months of this year due to a decline in domestic sales.
The worlds’ largest corporate buyer of LNG said in a report on Tuesday it imported 22.91 million mt of the chilled gas in January-September, compared to 26.61 million mt it imported last year.
Domestic sales fell 7.6 percent to 23.19 million mt of LNG in the period, according to the report.
Sales into the power sector were at 11.03 million mt, down 10.5 percent, while the company’s city gas sales dropped 4.8 percent on year to 12.14 million mt.
Most of the LNG supply was imported under 16 long-term and 3 mid-term contracts from 10 countries around the world.
The Korean company currently operates 64 storage tanks in 4 LNG receiving terminals.
Kogas received the first cargo of LNG from the Santos-operated US$18.5 billion GLNG project in Australia on October 27.
The MISC-operated 152,300 cbm Seri Bakti delivered the chilled gas to Kogas’ Pyeongtaek LNG import terminal.
Kogas said in the report it is expecting to receive 9 LNG cargoes from the Australian project this year, and 78 cargoes in 2016.
The company has a 15 percent stake in the LNG project located on Curtis island off Gladstone.
LNG World News Staff; Image: Kogas