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Korea Gas Scheduled to Receive Spot LNG at Incheon From Nigeria

Korea Gas Corp. (036460), the buyer of more liquefied natural gas than any other company, is set to receive a spot cargo from Nigeria today, ship-tracking data show.

The British Sapphire, with about 155,000 cubic meters of capacity, is sailing to the Kogas-owned Incheon terminal on South Korea’s northwestern coast, according to transmissions captured by IHS Fairplay on Bloomberg. The vessel loaded the supercooled gas at Nigeria LNG Ltd.’s Bonny Island terminal and departed Dec. 23.

Asian LNG importers typically purchase more spot shipments from December to March to meet peak heating and power needs during winter in the northern hemisphere. Kogas, as the state-owned company is known, bought spot cargoes delivered by March to meet the country’s seasonal demand, a company official who asked not to be identified said Jan. 13.

South Korea has no long-term contracts to buy LNG from Nigeria, data compiled by Bloomberg show. The Asian nation was the largest purchaser after Japan in 2012, with imports of 36.8 million metric tons, according to data from the industry-funded International Group of Liquefied Natural Gas Importers in Paris.

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

To contact the editor responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net

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