Korea Gas Corp., the company that buys the most liquefied natural gas globally, last month purchased spot cargoes to be delivered by March to meet South Korea’s winter demand.
Kogas, as the state-owned company is known, paid an average price of about $18.50 per million British thermal units, said an official who asked not to be identified because he isn’t authorized to speak to the media. The LNG be supplied from Asia and the Atlantic, according to the official, who declined to say how many shipments were purchased.
Kogas won’t be seeking more spot cargoes this winter, he said. Asian LNG importers typically purchase such shipments from December to March to meet peak heating and power demand during winter in the northern hemisphere.