Liquefied natural gas imports down 7.7 percent on fuel price

Korean liquefied natural gas imports fell 7.7 percent in May from a year earlier as the average price paid for the fuel climbed 31 percent.

The north Asian nation, the world’s second-biggest buyer of LNG, purchased about 2.2 million metric tons of the power-station fuel last month, compared with almost 2.4 million tons a year earlier. Imports totaled 2.7 million tons in April.

Korea, which imports almost all its gas, paid $1.82 billion, or $826.30 a ton, for May purchases, compared with $1.51 billion, or $631.10 a ton, a year earlier, the data showed.

The nation buys most of the fuel under multiyear contracts from countries including Qatar, Indonesia and Oman. Last month’s purchases included 108,586 tons bought on the spot market for $682.70 a ton from Nigeria, today’s data showed.

State-run Korea Gas Corp., the world’s biggest LNG buyer, said Thursday that May sales rose 13 percent from a year earlier to 2.4 million tons.

Bloomberg