Korea Cuts Buying Of Gulf LNG Despite Price Collapse

South Korea is taking less LNG from key suppliers including Qatar. Supplies from Yemen – for whom Korea is the key customer – ground to a halt in April. Latest prices from all are little more than half year-ago levels.

South Korean LNG imports from key Middle East supplier Qatar fell in the first half of 2015 due to a mild winter and increased nuclear power capacity coming on line. Korea, the world’s second largest LNG importer after Japan, received a total of 17.18mn tons of LNG in H1 2015, down 15% from 20.2mn tons for the same period last year.

Some 54% of that amount came from the Middle East, compared with 57% for the same period last year. Qatar accounted for around 37% of the total, with shipments reaching 6.41mn tons in the first half of 2015, down 1.18mn tons. This was a drop of around 15%, partly attributed to maintenance works.


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