KOGAS to buy more spot LNG to meet winter demand
SEOUL Oct 12 (Reuters) - Korea Gas Corp (KOGAS) , the world's top corporate buyer of LNG, said it plans to buy more gas on the spot market to meet winter demand and put its stocks at 3.37 million tonnes as of end-September, or 86 percent of storage capacity.
South Korea's sole natural gas wholesaler expects its liquefied natural gas (LNG) inventory at the end of this year to be 2.23 million tonnes, Chief Executive and President Choo Kang-soo told a parliament committee on Friday.
"We have built LNG inventory to meet peak winter demand, and plan to buy more on the spot market or via short-term contracts," Choo said.
KOGAS expects gas demand in South Korea, the world's No.2 gas buyer, to be 34.54 million tonnes this year, up 970,000 tonnes or 2.9 percent from a year earlier thanks to more competitive gas prices compared to other power sources, he added. (Reporting by Meeyoung Cho; Editing by Ed Davies)