Korea Gas Receives LNG Spot Cargo From Nigeria at Pyeongtaek

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

The Gaslog Shanghai, with about 155,000 cubic meters of capacity, docked at Pyeongtaek on South Korea’s west coast today, according to transmissions captured by IHS Fairplay on Bloomberg. It loaded the supercooled gas at Nigeria LNG Ltd.’s Bonny Island terminal and departed Dec. 27.

South Korea doesn’t have long-term LNG contracts with Nigeria, data compiled by Bloomberg show. It imported 36.77 million metric tons in 2012, making it the the world’s largest buyer after Japan, according to the industry-funded International Group of Liquefied Natural Gas Importers.

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. Kogas, as the state-owned company is known, paid an average price of about $18.50 per million British thermal units for spot cargoes that will be delivered by March, a company official who asked not to be identified said Jan. 13.

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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