PTT of Thailand is reportedly cutting spot purchases of liquefied natural gas for delivery in the second half of 2015.
High spot prices and lower downstream consumption prompted the company to cancel its earlier plan to secure September spot volumes and is unlikely to secure additional cargoes for October, Platts reports.
Lower consumption is the result of an economy-driven slowdown in domestic power demand and industrial production, according to the report.
The company has this year secured six cargoes through tenders, amounting to 370,000 tons of LNG, while it is also expects to receive 2 million tons of the chilled gas from Qatar through the 20-year supply deal it signed with Qatargas in 2012.
LNG World News Staff; Image: PTT