SEOUL: South Korea's imports of liquefied natural gas (LNG) jumped 9 percent year-on-year in October, as the world's second-largest LNG buyer built its inventory ahead of winter demand, customs data showed on Tuesday.
South Korea imported 2.98 million tonnes of LNG in October, up from 2.74 million tonnes a year earlier, the Korea Customs Service data showed.
It imported LNG mostly from Indonesia, Qatar, Malaysia, Oman and Russia.
The imports have helped Asia's fourth-largest economy build its LNG inventory, which stands at over 95 percent of the country's storage capacity of 3.8 million tonnes, a government source with direct knowledge of the matter said on Tuesday. The source declined to elaborate on winter inventory targets.
South Korea stores natural gas in LNG form.
WINTER DEMAND
South Korea's state-run utilities have been keen to raise their inventory levels to ensure steady power supply during winter, especially after unexpected nationwide power cuts in September.
Last month a South Korean government source said that the country will build nearly 3.5 million tonnes of inventory by mid-November.
Five utilities owned by state-run Korea Electric Power Corp (KEPCO) have been securing more high calorific coal than they usually consume in a year as they prepare for winter demand and hedge against any shortage due to possible floods in Australia.
State-run Korea Gas Corp (KOGAS), the world's top corporate buyer of LNG and South Korea's only LNG wholesaler, said on Friday it had sold gas equivalent to 2.24 million tonnes of LNG domestically in October, up 5.9 percent from a year ago. The sales volume was equivalent to 99.38 billion cubic feet of natural gas.
The country's coal imports in October lost 6 percent to 8.43 million tonnes from 8.95 million tonnes a year earlier, data from the Korea Customs Service showed on Tuesday.
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