LNG

South Korea, the third-largest Asian liquefied natural gas importer, has decided to freeze electricity prices even as liquefied natural gas costs for gas-fired power generation have begun to increase and to overtake European LNG cargo values.

European wholesale natural gas and LNG values stayed ahead of still elevated North Asian spot prices while worldwide cargo liftings gathered pace as one-year carrier charter rates increased for West and East of Suez.

Mineral Resources Ltd (MRL) of Australia said it had made a “significant” natural gas discovery in the onshore Perth Basin from where other gas producers are planning LNG production and exports.

Oct 1 (LNGJ) - The Peru LNG export plant at Pampa Melchorita on the Pacific Coast shipped four cargoes to Asia and Europe in September, two to South Korea, one to the Netherlands and one to Spain. The first cargo shipped to South Korea left on September 4 on the 173,000 cubic metres capacity carrier “Megara” at a Japan-Korea Marker price of $4.54 per million British thermal units, according to data from Peruvian national energy company PeruPetro.

   A second shipment to South Korea departed on September 19 on the 173,400 cubic metres capacity carrier “Magdala” with a JKM price of $4.91 per MMBtu. The cargo for Spain left on September 21 on the 155,000 cubic metres capacity “Solaris” at the UK National Balancing Point price of $4.06 per MMBtu. The cargo for the Dutch Gate terminal at Rotterdam departed on September 25 on the 173,000 cubic metres capacity “Myrina” at the Dutch Title Transfer facility price of $3.98 per MMBtu.