South Korea’s Imports of LNG Rise in June as Prices Gain

Liquefied natural gas imports by South Korea rose 16 percent in June from a year earlier as the average price paid for the fuel climbed 24 percent.

The world’s second-biggest LNG buyer, which imports almost all its gas, purchased 2.45 million metric tons of the cleaner- burning fuel last month, compared with 2.12 million tons a year earlier, data on the Korea Customs Service’s website showed today. Imports were 2.21 million tons in May.

South Korea paid $2.12 billion, or about $865 a ton, for purchases in June, compared with $1.48 billion, or about $698 a ton, a year earlier, the data showed.

The nation buys most of the fuel under multiyear contracts from countries including Indonesia, Qatar, and Oman. Last month’s purchases included 175,152 tons bought on the spot market for $828.20 a ton from Nigeria, today’s data showed.

State-run Korea Gas Corp. (036460), the world’s biggest LNG buyer, said on July 10 that June sales rose 3.2 percent from a year earlier to 2.14 million tons.

To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net

To contact the editor responsible for this story: Paul Tighe at ptighe@bloomberg.net