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South Korea’s LNG Imports Climb 30% in November as Prices Drop

Dec. 15 (Bloomberg) -- Imports of liquefied natural gas into South Korea, the world’s second-largest buyer of the fuel, rose 30 percent in November as the price paid dropped.

Shipments increased to 3 million metric tons from 2.3 million a year earlier, data on the Korea Customs Service’s website showed today. Imports also increased from 2.68 million tons in October.

The cost of the purchases rose to $2.02 billion last month, compared with $1.62 billion a year earlier, the data showed. The average price paid per ton fell to $667.45 from $703.88 during the same period, according to the website.

South Korea buys most of the cleaner-burning fuel under multi year contracts from suppliers including Qatar, Indonesia and Oman. Last month’s purchases included 60,158 tons on the spot market for about $668.82 a ton from Norway, data showed.

State-run Korea Gas Corp., the world’s biggest LNG buyer, said on Dec. 11 that November sales rose 31 percent to 3.5 million tons.

To contact the reporters on this story: Sungwoo Park in Seoul at spark47@bloomberg.net; Sangim Han in Seoul at sihan@bloomberg.net

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

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