South Korea’s Kogas, the world’s largest corporate buyer of LNG, said its LNG sales volume totaled 3.05 million tons in November, down 16.6% compared to the same month in 2013.
Company’s report reveals that its gas sales into the power sector were at 1.44 million tons, a drop of 18.4% on year, while its city gas sales were down 14.9% on year to 1.62 million mt.
The company has also decided to cut on spot LNG cargo purchases due to lower domestic demand that has been a result of restarts of some nuclear power plants and mild temperatures.
Kogas plans to cut 10.5 trillion won in debt by 2017 through asset sales and the reorganization of its business operations.
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LNG World News Staff; Image: Kogas