LNG

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.

Korea Gas Corp., the South Korean utility and owner of four LNG import terminals and worldwide volumes, said it signed an agreement to buy US LNG shipments from UK energy major BP.

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.