South Korea: gas rates cut on declining LNG import costs

South Korea: gas rates cut on declining LNG import costs

South Korean ministry of trade, industry and energy (MOTIE) on Wednesday revealed retail natural gas rates will be cut by an average of 9.5 percent starting March 1. 

The reduction comes about as costs of liquefied natural gas imports have dropped recently, and, city gas rates could be further reduced should LNG import costs continue falling, Platts reports.

South Korea already cut the gas rates by 9 percent in January this year, however, it had no effect on country’s LNG demand that keeps dropping, despite a slight rise in Kogas’ sales during the month of January.

The state-run company saw the first increase of LNG sales in five months since August, rising 3.5 percent 4.17 million mt, compared to the same month in 2015.

In total, Kogas, 2015 LNG sales reached 31.46 million mt dropping 10.6 percent compared to 2014.


LNG World News Staff

Share this article

Follow LNG World News


<< Oct 2019 >>
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

LNG Bunkering Mediterrean

The only 3-day course offering theoretical and practical training on LNG bunkering designed by the Mediterranean market leaders.   

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >