Kogas’ nine-month LNG imports rise YoY

Kogas' nine-month LNG imports rise YoY
Image courtesy of Kogas

South Korea’s LNG importing giant Kogas reported an increase in LNG imports for the first nine months of 2017, compared to the corresponding period last year. 

According to the company’s quarterly report, imports for the first nine months have reached 24.4 million tons of liquefied natural gas, 11.7 percent up on the 21.9 million tons imported in the three quarters of 2016.

The report shows that the imports came from 15 long-term contracts signed in 10 countries. Starting in June, the company has also started importing US liquefied natural gas from Cheniere’s Sabine Pass liquefaction and export facility under a 2.8 million mtpa deal.

Kogas’s sales volumes decreased 3 percent year-on-year to 22.4 million mt, as sales into the power sector decreased by 1.05 million mt YoY.

The company reported a net loss of 845 billion won ($770 million) due to impairment losses from the Santos-led Gladstone LNG project in Australia.

1 KRW = 0.000911195 USD