Platts: South Korea's Kogas to Cut LNG Imports in Response to Weaker Local Demand

South Korea's state-owned Korea Gas Corporation will buy fewer spot LNG cargoes for the foreseeable future in response to shrinking domestic demand, a senior executive told Platts Wednesday, November 19.

The world's single-largest LNG buyer has deferred a number of deliveries in recent months as it battles with high stocks due to the country's slowing economic recovery and moderate temperatures.

"The situation has been resolved, but we will be reducing spot purchases to brace for weak domestic demand," said the official, who asked not to be named.

Kogas, which has a monopoly on domestic natural gas sales, sold 27.6 million mt of LNG over January-October, down 9.6% year on year. MORE