LNG

South Korea, the world’s third-largest liquefied natural gas importer, said it planned to sharply reduce the import surcharge imposed on LNG in line with the government's efforts to increase natural gas use at the expense of coal to reduce serious air pollution.

Chevron, the US major whose assets include with two large liquefied natural gas plants in Western Australia, said it signed a sales and purchase agreement with GS Caltex Corp. for the delivery of LNG to South Korea from Chevron’s global supply portfolio.

South Korean LNG imports rose to a record 44 million tonnes as shipments increased from traditional Middle East supplier Qatar and from new projects in Australia and the US.