Kogas of South Korea has approached long-term LNG suppliers to defer up to 10 autumn cargoes for winter.
Reuters reports industry sources saying that high stocks and weak demand urged Kogas to offload cargoes this summer through time-swap deals and by deferring deliveries from suppliers.
Initially, only summer cargoes should have been deferred but now the company will include additional five to 10 cargoes in later delivery periods, traders said. This brings the total number LNG cargoes to be deferred or swapped by Kogas to 40, between May and November this year.
LNG World News Staff, August 26, 2014; Image: KOGAS