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South Korea LNG imports rise

LNG Industry,

South Korea imported 3.19 million t of liquefied natural gas (LNG) in October, which saw a rise of 19% from the same month in 2012. The country paid US$ 1.81 billion for the month of October last year. This figure rose to US$ 2.39 billion in 2013. Imports in October 2013 were up 29% from the previous month.

Imports have risen due to an increase in domestic demand for power. Demand from electricity companies went up by 39% as winter approaches. High imports of natural gas are typically made by Asian countries in the months preceding winter in order for nations to avoid an energy crunch.

Shipments are said to have risen from 2.68 million - 3.19 million t in one year.

South Korea is the second largest importer of LNG worldwide, after Japan. The country imports LNG from Qatar, Indonesia, Malaysia and Oman among others.

Edited from various sources by Ted Monroe

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