Korea Gas Scheduled to Get Nigeria LNG Spot Cargo at Pyeongtaek

Korea Gas Corp. (036460), the world’s largest commercial buyer of liquefied natural gas, is set to receive a spot cargo from Nigeria, ship-tracking data show.

The Seri Begawan, with about 150,000 cubic meters of capacity, is en route to the Pyeongtaek terminal on South Korea’s west coast, according to transmissions captured by IHS Fairplay on Bloomberg. It was scheduled to arrive yesterday.

The vessel loaded the supercooled gas at Nigeria LNG Ltd.’s terminal at Bonny Island and departed Oct. 22. South Korea doesn’t have long-term LNG contracts with Nigeria, data compiled by Bloomberg show.

Asian LNG importers typically purchase more spot shipments from December to March to meet peak heating and power demand during winter in the northern hemisphere. Prices of the fuel for delivery over the next four to eight weeks rose to $18.60 per million British thermal units, New York-based Energy Intelligence Group said Nov. 20 on the website of its World Gas Intelligence publication.

To contact the reporter on this story: Chou Hui Hong in Singapore at chong43@bloomberg.net

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

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