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2017-02-10 18:35:00

SOUTH KOREA'S LNG DOWN

SOUTH KOREA'S LNG DOWN

REUTERS - Korea Gas Corp (KOGAS), the world's No.2 buyer of liquefied natural gas (LNG), would be "interested" in participating in U.S. shale gas projects, with such investment curbing any potential trade pressure on South Korea from the U.S. government.

U.S. President Donald Trump, who has dropped out of the 12-nation Trans-Pacific Partnership pushed by his predecessor Barack Obama, has repeatedly criticized the trade policies of South Korea's neighbors, Japan and China.

"U.S. trade pressure is likely to increase, but U.S. gas investments can work as a tool against trade pressure," Lee Seung-hoon, CEO of state-run KOGAS, said at a forum in Seoul.

Expected to become an importer of LNG just a decade ago, the shale gas revolution in the United States unlocked cheap, abundant gas supplies, allowing the country to become an exporter instead.

Benefiting from the Panama Canal expansion last year that allows bigger ships to cross from the Gulf of Mexico into the Pacific, it has been pushing to ship more cargoes to meet surging demand in parts of Asia.

"Securing U.S. shale gas is crucial because it's an important resource," said Lee, adding that such imports would help keep its supplies stable.

KOGAS in 2012 signed a deal with Texas-based Cheniere to bring in 2.8 million tonnes of LNG annually for 20 years starting from this year. Lee said the first cargoes from the deal were expected to arrive in South Korea this summer.

Lee also said that the company could eventually import LNG from both the United States and Iran without so-called 'destination restrictions', or clauses in contracts that limit possible buyers for any resales of the cargoes.

"When new suppliers enter, they cannot request destination restrictions ... we can secure supplies that don't carry destination restrictions," he said.

Iran, despite having some of the world's biggest natural gas reserves, does not have LNG export facilities, so shipping its gas to South Korea would require vast investment and would take many years to develop.

But Lee said that South Korean demand for LNG would keep falling in the short-term due to increased electricity output from nuclear and coal-fired power plants. The country is the world's second-biggest LNG importer after Japan.

"This year South Korea's LNG demand is expected to remain flat at around 30 million tonnes," Lee told Reuters on the sidelines of the event.

-----

Earlier: 

OIL & GAS WEAKNESS 

THE LARGEST LNG IMPORTERS 

ASIAN LNG IMPORTS UP 

S.KOREA'S OIL UP 4.5% 

2016: ASIAN MARKET TROUBLE

 

 

Tags: SOUTH, KOREA, LNG, USA
SOUTH KOREA'S LNG DOWN September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

SOUTH KOREA'S LNG DOWN September, 20, 09:00:00

GAS PRICES UP TO $3.146

SOUTH KOREA'S LNG DOWN September, 20, 08:55:00

ЦЕНА URALS: $51,81591

SOUTH KOREA'S LNG DOWN September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

SOUTH KOREA'S LNG DOWN September, 20, 08:45:00

RENEWABLE'S FUTURE

SOUTH KOREA'S LNG DOWN September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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Chronicle:

SOUTH KOREA'S LNG DOWN
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

SOUTH KOREA'S LNG DOWN
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

SOUTH KOREA'S LNG DOWN
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

SOUTH KOREA'S LNG DOWN
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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