LNG

May 27 (LNGJ) - South Korean project company GS Engineering and Construction is advancing with plans to build an LNG import terminal in the southwestern city of Yeosu in South Jeolla Province, which would be Korea’s eighth import facility. GS Engineering estimates the terminal will cost around 600 billion South Korean won ($440M) and will have two LNG storage tanks, each with a capacity of 200,000 cubic metres as well as auxiliary facilities and port infrastructure.

   The company added that once completed by around 2028, the terminal would supply regasified LNG to industrial companies and power plants at the national industrial complex at Yeosu. The oldest Korean terminal was completed in 1986 at Pyeong-Taek, followed by an expanded network comprising Incheon (1996), Tong-Yeong (2002), Gwangyang (2005), Samcheok (2014), Boryyeong (2016) and Jeju (2019).

The US Freeport LNG export plant on Quintana Island in Texas has announced scheduled shut-downs of its liquefaction Trains for repairs and maintenance and de-bottlenecking to  boost output in the future.

US oil and natural gas and LNG production companies are monitoring Tropical Storm Karl that has formed in the southern part of the Gulf of Mexico in the Bay of Campeche.

Sept 30 (LNG) - South Korea said it would raise domestic natural gas prices for civilian users in October because of soaring LNG import prices. The Ministry of Trade, Industry and Energy said natural gas prices for households would increase by 15.9 percent and the price rises for commercial users would range from 16.4 percent and 17.4 percent.

   Korea Electric Power Corp. (KEPCO) said it would also raise fourth-quarter electricity rates for households and industrial users because of high costs and the company’s increasing losses. KEPCO said it had decided to raise the adjusted unit fuel cost by 2.5 Korean won (US$0.002) per kilowatt hour for the October-December period. The increase is in addition to a 4.9-won rise the government has already decided to apply for electricity from October.

Hyundai Motor Co., the leading South Korean car maker, has formally ended plans to build a gas-fired power plant at its Ulsan facility that would have used regasified LNG imports.

North Asian liquefied natural gas demand was dominated by Japan again as Chinese oil and LNG demand began to recover after lockdowns while European Union gas supply was helped by a decline in prices as summer weather arrived, though the improved picture was partially dulled by renewed Ukraine conflict concerns.

Asian liquefied natural gas spot prices regained the initiative from European values with May gaining more than 16 percent as the Dutch Title Transfer Facility wholesale futures price dropped by the same amount with supply concerns helped by the arrival of Northern Hemisphere Spring weather.

Foran Energy Group, the Chinese natural gas distribution company in the south of the country, has signed a framework liquefied natural gas supply agreement with US exporter Cheniere Energy, owner of the Sabine Pass plant in Louisiana and Corpus Christi facility in Texas.

Hyundai Heavy Industries, the South Korean shipbuilder, was granted approval for a floating LNG power plant by French maritime classification society Bureau Veritas.

US LNG exports are expected to take a week or so to reach the levels prior to Hurricane Laura hitting the Gulf Coast as the Sabine Pass and Cameron plants in Louisiana considered their reopening processes after operations were temporarily suspended with controlled shutdowns.