South Korea’s LNG Imports Rise 16% in August Amid Price Gains
South Korean imports of liquefied natural gas rose 16 percent from a year earlier in August amid increases in the price paid for the fuel.
The world’s second-biggest LNG buyer purchased 2.35 million metric tons of the cleaner-burning fuel last month, compared with 2.02 million tons a year earlier, data on the Korea Customs Service’s website showed today. Imports declined from the 2.75 million tons purchased in July.
Costs for the fuel climbed 11 percent to $1.9 billion in August, an average of $807.30 a ton, compared with $1.47 billion, or $725.50 a ton, a year earlier, the data showed.
South Korea buys most of its LNG under multiyear contracts from suppliers including Qatar, Indonesia and Oman. Last month’s purchases included 115,920 tons bought on the spot market for about $684.60 a ton from Nigeria and Trinidad and Tobago, today’s data showed.
State-run Korea Gas Corp. (036460), the world’s biggest LNG buyer, said on Sept. 11 that August sales rose 16 percent from a year earlier to 2.13 million tons.
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