25 June 2012

Nigerian LNG Heads for Korea-LNG

South Korea's Pyeongtaek LNG terminal is due to get a cargo of Liquefied Natural Gas from Nigeria, according to shipping data. The 145,842 cbm LNG Oyo is sailing from Nigeria's Bonny terminal and is due to arrive Pyeongtaek terminal on July 4.

The Pyeongtaek LNG terminal is South Korea's first LNG import terminal and it is operated by KOGAS. LNG is a gas that is cooled to liquid form for shipment by tanker and then converted back to a gas at terminals.

The Nigeria LNG projected that demand for natural gas would grow by 2.1 per cent per year from 2,854 bcm in 2005 to 4,779 bcm in 2030.

Like oil demand, the demand for gas, the NLNG said, is expected to increase the most in developing economies.

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