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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World S.Korea utilities in LNG talks with suppliers -sources Reuters - Friday, February 25 Send IM Story Print * Utilities seek 2015 onward shipments under long-term deals * May buy 2m-3m T via joint-first tender since 2004 * Utilities consumed 10 mln T in 2010, 2011 likely similar * Govt bill on LNG trades by power plants yet to be approved By Cho Mee-young SEOUL, Feb 25 - Five utilities in South Korea, the world's No.2 liquefied natural gas buyer after Japan, are in talks with fewer than five LNG suppliers for possible long-term deals with delivery in 2015 and beyond, industry sources said on Friday. In their first joint tender since 2004, the utilities, owned by state-run Korea Electric Power Corp , are seeking 2 million to 3 million tonnes of LNG, some sources said, while others said the quantity had yet to be decided. Some argued it would be hard for the utilities to reach competitive deals, compared with LNG procurement by Korea Gas Corp , the world's No.1 corporate buyer of LNG and South Korea's sole wholesaler. Industry sources also said that this tender might be short of igniting active LNG trading in South Korea, Asia's fourth-largest economy, unless the government opens up LNG markets. In 2004, utilities had sought LNG imports via their first-ever tender but failed to reach any deal due to high costs, industry sources said. South Korea in 2001 allowed companies to import LNG directly only for their consumption, not for trading. The government since 2009 has been awaiting the parliament's approval on a bill to allow power plants to import and trade LNG. "It is possible for them to fail to strike any deal again this time via tender due to high prices," said one industry source, declining to be identified as he was not authorised to talk to media. "They may find it hard to secure LNG at lower prices than KOGAS due to KOGAS's purchasing power." The five utilities, which consumed 10 million tonnes of LNG last year and are expected to consume a similar volume this year, previously bought LNG from KOGAS, sources noted. TERMINAL, REGULATION CONSTRAINT KOGAS said in a statement earlier this month that it sold 31.2 million tonnes of LNG domestically. Of the total, 17.5 million tonnes went to city gas providers for residential, commercial and industrial consumption, and the remainder went to the five utilities and other power generators. KOGAS has three LNG terminals and one more to be completed by 2015, while POSCO has one, meaning the utilities would need to build their own terminals to receive LNG from suppliers unless they borrow existing ones. "They are seeking long-term contracts for 2015 and onward shipments as they currently have no tanks or other facilities to unload and gasify LNG," said a second source. One source noted that it usually took about four years to build loading and regasification facilities, and constructing tanks and regasification units capable of storing 120,000 tonnes at a time would cost about 1 trillion won . "South Korea currently has four terminals, but they might grow into more than five as crude oil refiners and utilities are mulling building their own terminals, although they have not yet determined." Executive Vice President of GS Caltex, South Korea's second-largest crude oil refiner, said last June that government regulations and the lack of infrastructure were curbing the firm's intake of LNG, adding GS Caltex was considering building an LNG terminal to facilitate imports. He said GS Caltex could import 1 million tonnes of LNG, if the South Korean government opens up the gas supply market for power plants. The company has signed a long-term agreement to buy 500,000 tonnes per year of LNG from the Chevron-led Gorgon project in Australia from 2015. South Korea imports LNG mainly from Qatar, Indonesia, Malaysia, Russia and Oman. Qatari LNG producer Rasgas, which has supplied 6.9 million tonnes of LNG under long-term contracts last year, opened a liaison office in Seoul late last year. South Korea, OECD's fastest-growing carbon polluter, plans to add 19 LNG power plants from 2010 to 2024 to existing 49, but it aims to slash proportion of LNG in its total power generation to cut carbon emission. Recommend Send IM Story Print Related Articles GLOBAL MARKETS WEEKAHEAD-Forgotten the euro zone debt crisis? 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