KOGAS to buy more spot LNG to meet winter demand


SEOUL, Oct 12 (Reuters) - Korea Gas Corp (KOGAS), the world's top corporate buyer of LNG, said itplans to buy more gas on the spot market to meet winter demandand put its stocks at 3.37 million tonnes as of end-September,or 86 percent of storage capacity.

South Korea's sole natural gas wholesaler expects itsliquefied natural gas (LNG) inventory at the end of this year tobe 2.23 million tonnes, Chief Executive and President ChooKang-soo told a parliament committee on Friday.

"We have built LNG inventory to meet peak winter demand, andplan to buy more on the spot market or via short-termcontracts," Choo said.

KOGAS expects gas demand in South Korea, the world's No.2gas buyer, to be 34.54 million tonnes this year, up 970,000tonnes or 2.9 percent from a year earlier thanks to morecompetitive gas prices compared to other power sources, headded.

(Reporting by Meeyoung Cho; Editing by Ed Davies)

((meeyoung.cho@thomsonreuters.com)(+82 2 3704 5653)(ReutersMessaging: meeyoung.cho.reuters.com@reuters.net))

Keywords: LNG KOGAS/