S.KOREA OCT LNG IMPORTS RISE -S.Koreas Oct LNG imports rise a fifth y/y ahead of winter DETAILS PRICE IN TONNES $/MMbtu * Oct imports at 3.19 mln tonnes, up 19.1 pct from last year * Stocks after Oct seen sufficient to meet demand to end-year * Further demand depends on when shut nuclear reactors restart By Jinsol Lee and Meeyoung Cho SEOUL, Nov 15 (Reuters) - South Koreas imports of liquefied natural gas (LNG) jumped by a fifth in October from a year ago as it built fuel inventory to meet winter demand amid a cutback in nuclear power generation. Asias fourth-largest economy is trying to avoid possible blackouts again this winter after a nuclear corruption scandal that began in late 2012 led to the closure of some reactors. Gas demand for power generation has risen sharply due to the closure of the nuclear reactors, a source at state-run Korea Gas Corp (KOGAS), the worlds largest corporate buyer of LNG, told Reuters by phone. We have built quite an inventory to meet demand through the end of this year. Depending on when they restart the reactors, we may need more gas, said the source, who declined to be identified as he was not authorised to speak to media. Of the countrys 23 nuclear reactors, six are closed, including three shut since May to replace cables supplied with forged documents; one awaiting extension of its 30-year life span; and a fifth shut to check welding work related to the safety of a steam generator, according to its operator Korea Hydro & Nuclear Power Co Ltds website (khnp.co.kr). A sixth one closed on Thursday for scheduled maintenance. It is not clear when the three scandal-hit reactors will complete cable replacement, although KHNP has said it wants to restart them by the end of the year. South Koreas imports of LNG rose 19.1 percent to 3.19 million tonnes in October from a year earlier, customs data showed on Friday. According to data from KOGAS on Tuesday, October domestic gas sales rose 17.5 percent from a year ago, due to a nearly 40 percent rise in demand for power generation. Details of the October imports are as follows: (in tonnes/in $/mmBtu) Oct 2013 Oct 2012 Qatar 1,212,549/ $16.72 596,128/ $19.02 Malaysia 458,531/ $15.91 529,505/ $ 8.41 Indonesia 325,362/ $11.90 483,675/ $13.72 Yemen 317,348/ $ 8.67 240,932/ $ 7.02 Oman 307,450/ $16.99 302,085/ $17.41 Nigeria 304,604/ $15.47 171,767/ $13.61 Russia 191,228/ $ 4.38 190,872/ $ 4.34 Peru 72,237/ $15.54 - Australia - 61,483/ $12.38 Trinidad Tobago - 55,693/ $11.90 Brunei - 44,640/ $19.64 ---------------------------------------------------------- TOTAL 3,189,309/ $14.45 2,676,780/ $13.02 Details for the January-October imports are as follows: (in tonnes/ in $/mmBtu) Jan-Oct 2013 Jan-Oct 2012 Qatar 11,402,297/ $17.43 8,111,223/ $18.59 Indonesia 4,538,828/ $13.67 6,376,122/ $13.86 Oman 3,603,158/ $18.01 3,217,781/ $18.82 Malaysia 3,320,476/ $12.49 3,135,526/ $11.41 Yemen 3,025,394/ $ 8.25 2,181,566/ $ 7.03 Nigeria 2,253,383/ $15.27 1,471,361/ $14.49 Russia 1,394,708/ $ 6.05 1,717,155/ $ 7.80 Brunei 837,594/ $17.48 586,414/ $18.75 Peru 510,528/ $16.84 - Trinidad Tobago 466,926/ $12.64 780,678/ $11.88 Egypt 420,740/ $15.90 487,524/ $14.14 Australia 414,722/ $14.03 602,640/ $14.52 Algeria 127,011/ $15.88 55,243/ $17.49 Equatorial Guinea 122,821/ $17.06 117,544/ $13.75 Panama 93,245/ $19.08 - Norway 61,918/ $17.95 - Belgium 60,862/ $16.39 52,422/ $18.02 U.S. - 57,064/ $17.71 ---------------------------------------------------------- TOTAL 32,654,612/$ 14.84 28,950,262/$ 14.71
Posted on: Fri, 15 Nov 2013 20:05:04 +0000
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