South Korean October LNG imports rise 9.4 pct YoY

Imports of liquefied natural gas (LNG) by South Korea, the world’s second-largest buyer of the chilled fuel, rose 9.4 percent year-on-year in October, according to the customs data.

South Korea imported 3.25 million mt of LNG in October, as compared to 2.97 million mt in the corresponding month last year.

The country paid about US$1.2 billion for October imports, dropping 17.9 percent on year from $1.5 billion in October 2015, the data showed.

During the month under review, imports of LNG from Australia jumped about 170 percent to 522,406 mt.

However, the world’s largest LNG exporter, Qatar, remains the dominant source of South Korean imports with 1.17 million mt of the chilled fuel imported in October.

Although the volumes increased by 11.9 percent, the price decreased 24 percent, when compared to October 2015.

The remaining volumes imported into South Korea were sourced from Brunei, Indonesia, Malaysia, Oman, Papua New Guinea and Russia.

LNG World News Staff