At Least Two LNG Shipments Set to Arrive in South Korea in July

South Korea, the world’s second- biggest buyer of liquefied natural gas, may receive a cargo sold under a short-term contract today and and at least two more shipments next month from West Africa, according to ship- tracking data.

LNG Akwa Ibom will supply the fuel from Nigeria today, ship transmissions captured by AISLive on Bloomberg show. LNG Oyo may reach the port of Pyeongtaek on July 4, and LNG Cross River may reach the Tongyeong terminal on July 20, carrying cargoes from West Africa, according to the data. The country received two spot cargoes in July 2011 from Nigeria and Trinidad & Tobago, according to data from the Korea International Trade Association website.

South Korea’s purchases in May included 108,586 tons bought on the spot market for $682.70 a ton, or about $14 per million British thermal units, from Nigeria, according to customs data.

To contact the reporter on this story: Dinakar Sethuraman in Singapore at dinakar@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net