LNG

South Korea said it would like to have raised natural gas prices by almost 8 percent to reflect higher average annual costs of around $675 per tonne for LNG cargoes imported to its three import terminals at Incheon (pictured), Pyeong-Tek and Tong-Yeong.

This rise would have helped to cover losses by state-run LNG importer Korea Gas Corp. However, the Economy Ministry decided that for political reasons it couldn't pass on the full weight of higher LNG prices to consumers.

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