Kogas launches 4-cargo LNG buy tender to refill stocks
Photo courtesy of Korea Gas Corp.
(Reuters) Korea Gas Corp. has launched a tender to buy up to four LNG cargoes for delivery across the November-February winter period, as it seeks to replenish reserves, traders said.
As strong air conditioning demand this summer and earthquake-related reactor outages helped drain gas stockpiles, the company has had to top up reserves by turning to long-term supplier Qatar and also via spot purchases, traders have said.
The bidding deadline is October 21, and the tender is valid until October 27, one trader added.
Resurgent demand from South Korea partly caused a dry spell in Qatari LNG deliveries to Britain during the past month.
Analysts, however, say the company has done a lot already to bring stock levels back in line with seasonal average levels, and buying demand may be tempered as a result.
Reporting by Mark Tay in Singapore and Oleg Vukmanovic in Milan; Editing by Alexandra Hudson
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