Japan May LNG Imports 4% Lower on Year

Japan’s LNG imports in the month of May dropped 4 percent on year to 5.52 million tonne, according to country’s finance ministry.

According to the provisional data published by the ministry on Monday, the value of LNG imports was $1.75 billion, down 42 percent on year.

Despite global LNG prices ruling low, demand for gas has been gradually declining in two major Asian consumers, Japan and South Korea.

South Korea monopoly gas KOGAS on Monday reported 8 percent drop in May sales. The company sold 1.91 million tonne of LNG equivalent in May, compared with 2.09 million tonne a year earlier. KOGAS sold 925,000 tonne to the power generation sector. During May 2015, the company sold 1.09 mt. Gas sold to household and business was 980,000 tonne. In the same month last year KOGAS sold 986,000 tonne of gas to the household and business segments.

State owned KOGAS is world’s biggest corporate buyer of LNG and South Korea's sole wholesaler of gas.

In 2015, LNG imports in Japan, South Korea, China and Taiwan were 152.8 mt, a 3.9% decrease compared to 2014, according to the international association for natural gas, Cedigaz.