Korea, the world’s third largest LNG importer behind Japan and China, paid a record average of $23.8/mn BTU for its 3.83mn tons of August imports. This included its most expensive ever cargo from Egypt at $178mn or $54.6/mn BTU. With Egypt’s gas market tight during the country’s summer demand peak, state firm Egas was able to export just four cargoes in June, five in July and two in August (MEES, 19 August). The record-breaking cargo loaded at the Damietta terminal on 29 June and arrived in Incheon, 2 August, Kpler data shows.
Korea’s overall import volumes, at 30.0mn tons for 8M 2022, were down fractionally year-on-year, whilst the country’s import bill exactly doubled to $28.4bn. The bill for Qatari supplies rose 31% to $4.81bn despite a 19% fall in volumes to 6.36mn tons as Qatar was overtaken by Australia (up 29% at 7.52mn tons) as Korea’s top supplier. (CONTINUED - 147 WORDS)