Korea Gas Gets Nigerian LNG Spot Shipment at Incheon, Data Shows

Dec 30, 2013 1:30 am ET

Dec. 30 (Bloomberg) -- Korea Gas Corp., which buys more liquefied natural gas than any company globally, received a spot cargo from Nigeria at Incheon yesterday, according to ship- tracking data.

The Methane Rita Andrea, with a capacity of about 145,000 cubic meters, arrived at the Kogas-owned Incheon terminal on South Korea’s northwestern coast, transmissions captured by IHS Fairplay on Bloomberg show. The vessel loaded the supercooled gas at Nigeria LNG Ltd.’s Bonny Island terminal, where it departed Dec. 3.

Asian LNG importers typically purchase more spot shipments from December to March to meet peak heating and power demand during winter in the northern hemisphere.

South Korea has no long-term LNG supply contracts with Nigeria, data compiled by Bloomberg show. The Asian nation was the largest buyer after Japan in 2012, with imports of 36.8 million metric tons, according to the industry-funded International Group of Liquefied Natural Gas Importers in Paris.

--Editors: Ramsey Al-Rikabi, Yee Kai Pin