EG LNG Equatorial guinea lng

LNG is exported from Equatorial Guinea. Image courtesy EG LNG

Imports of liquefied natural gas into South Korea, the world’s second-largest buyer of the fuel, dropped 9.5 percent in December as prices rose.

Shipments fell to 4.32 million metric tons from 4.77 million tons a year earlier, data on the Korea Customs Service’s website showed today. Still, the monthly volume was the second- biggest in 2012, after 4.64 million tons in February, and compared with 2.99 million tons in November. The average price paid per ton rose to $762.74 from $750.07 while the total cost of the purchases dropped to $3.29 billion, compared with $3.58 billion in the same period a year earlier, the data showed.

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 610,935 tons on the spot market costing about $758.42 a ton from Belgium, Trinidad and Tobago, Equatorial Guinea and Nigeria, the data showed.

State-run Korea Gas Corp., the world’s biggest LNG buyer, said today that December sales rose 15 percent to 4.81 million tons from a year earlier.

- Sangim Han, Copyright 2013 Bloomberg.


Tagged with →  
Share →

Sign up for the gCaptain Newsletter!

Over 32,000 people receive the gCaptain email newsletter every single day. Get the maritime and offshore industry headlines that matter sent straight to your inbox. Or LIKE us on Facebook!

We will not share your email address with anybody for any reason