Korea Gas Corp Launches 4-cargo LNG Buy Tender to Refill Stocks

Korea Gas Corp has launched a tender to buy up to four liquefied natural gas (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 Oct. 21 and the tender is valid until Oct. 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.