South Korea’s Kogas, the world’s second-largest buyer of LNG, has reportedly issued a tender to buy up to four liquefied natural gas cargoes.
The cargoes scheduled for delivery across the November-February winter period are sought as Kogas looks to restock on LNG reserves, Reuters reports citing trade sources.
Kogas’ LNG reserves have been depleted due to a strong demand for air conditioning during the summer as well as nuclear reactor outages. The company turned to its long-term supplier Qatar and the spot market in order to restore its reserves.
Deadline for bids submission is October 21, the report says.
Kogas is said to have taken steps already to restore its LNG reserves to the seasonal average levels, however, the demand from South Korea caused Qatar to slow down deliveries to the United Kingdom during the past month.
LNG World News Staff