South Korea's liquefied natural gas and coal imports rose by double digits in March from year-ago levels as economic recovery at the world's second-largest LNG buyer boosted consumption, Reuters reports.
South Korea's need to replenish LNG stocks after saying it would help quake-stricken Japan with supplies and bullish oil prices also contributed to higher imports, analysts said.
The world's fifth-largest crude oil importer has, like other countries, been grappling to contain inflation as crude prices nudge 2-1/2 year highs and has seen a rise in demand for alternatives like coal and LNG for power generation. [ID:nL3E7FC19R]
Analysts and industry experts have been saying that South Korea's overall LNG import will increase this year helped by a rebound in its economy, even though costs could rise if higher Japanese demand boosts global prices. [ID:nN14180773]
In Japan, the world's top LNG buyer, utilities have been scrambling for fuel to replace nuclear power supply damaged by a massive earthquake and tsunami on March 11.
"South Korea's LNG demand is projected to rise through 2015 due to rising demand for power generation," Stan Kim, analyst at Kiwoom Securities, said, adding Asia's fourth-largest economy had to buy more LNG to refill its inventory, after the government said it would ship LNG to Japan on a swap basis.
South Korea's LNG imports rose about 10 percent in March to 3.8 million tonnes versus 3.4 million tonnes a year before, Korea Customs Service data showed on Friday. Its coal imports increased 14 percent to 10 million tonnes last month from 8.8 million tonnes a year ago, the customs data also showed.
South Korea last month said State-run Korea Gas Corp (KOGAS) would supply 400,000-500,000 tonnes of LNG to quake-hit Japan, as requested by Japanese utilities, while maintaining sufficient inventory levels to ensure local supplies.[ID:nTOE72C00V][ID:nTOE72H00O]
A South Korean utility was also in talks with a Japan's J-Power to take Canadian thermal coal for late March arrival as the Japanese company was unable to use it after the quake.
South Korea's need to replenish LNG stocks after saying it would help quake-stricken Japan with supplies and bullish oil prices also contributed to higher imports, analysts said.
The world's fifth-largest crude oil importer has, like other countries, been grappling to contain inflation as crude prices nudge 2-1/2 year highs and has seen a rise in demand for alternatives like coal and LNG for power generation. [ID:nL3E7FC19R]
Analysts and industry experts have been saying that South Korea's overall LNG import will increase this year helped by a rebound in its economy, even though costs could rise if higher Japanese demand boosts global prices. [ID:nN14180773]
In Japan, the world's top LNG buyer, utilities have been scrambling for fuel to replace nuclear power supply damaged by a massive earthquake and tsunami on March 11.
"South Korea's LNG demand is projected to rise through 2015 due to rising demand for power generation," Stan Kim, analyst at Kiwoom Securities, said, adding Asia's fourth-largest economy had to buy more LNG to refill its inventory, after the government said it would ship LNG to Japan on a swap basis.
South Korea's LNG imports rose about 10 percent in March to 3.8 million tonnes versus 3.4 million tonnes a year before, Korea Customs Service data showed on Friday. Its coal imports increased 14 percent to 10 million tonnes last month from 8.8 million tonnes a year ago, the customs data also showed.
South Korea last month said State-run Korea Gas Corp (KOGAS) would supply 400,000-500,000 tonnes of LNG to quake-hit Japan, as requested by Japanese utilities, while maintaining sufficient inventory levels to ensure local supplies.[ID:nTOE72C00V][ID:nTOE72H00O]
A South Korean utility was also in talks with a Japan's J-Power to take Canadian thermal coal for late March arrival as the Japanese company was unable to use it after the quake.