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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 Singapore Asia Pacific World S.Korea June LNG imports soar y/y; H2 growth may slow Reuters - Thursday, July 15 Send IM Story Print * June LNG imports up nearly 40 pct y/y to 2.01 mln T -customs * End-June LNG stocks down 24 pct yr/yr -calculation * Gas demand seen slowing in H2 -analysts By Cho Mee-young SEOUL, July 15 - Imports of liquefied natural gas by South Korea, the world's No.2 buyer after Japan, rose for a fifth month in June, thanks to a recovering economy but could slow in the second half, as nuclear power generation rises. South Korea imported 2.01 million tonnes of LNG in June, a near 40 percent jump from 1.45 million tonnes a year earlier, according to the Korea Customs Service. State-owned Korea Gas Corp <036460.KS>, the world's biggest corporate buyer of LNG and South Korea's sole wholesaler, said on Tuesday it sold 1.77 million tonnes of LNG in June, up 33 percent from a year earlier. [ID:nSEU003084] "Strong demand for power generation has hiked gas imports, as electricity consumption jumped thanks to stronger than expected economic recovery," said Kim Seung-woo, an analyst at Samsung Securities. Both the finance ministry and the Bank of Korea in recent weeks raised growth forecasts for this year, reflecting stronger than expected exports and production in the first half. [ID:nTOE66900P] "But LNG demand growth year on year is likely to slow in the second half as nuclear power generation will increase and local industrial output showed some recovery in the second half of last year, which will result in less growth in power demand," Kim added. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For a graphic on LNG imports and prices http://graphics.thomsonreuters.com/10/KR_LNGIMA0710.gif For table on details of the LNG imports: [ID:nTOE66E02P] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> LNG DEMAND SEEN BUOYANT THROUGH 2012 The South Korean government said on Thursday local electricity sales for industrial usage rose 11.6 percent in June from a year ago, the eighth month of double-digit growth. Analysts also attributed higher LNG consumption for power generation in the April-June quarter to heavy maintenance shutdowns of local hydro and nuclear power plants during the period. Separate industry data showed KOGAS sold 6.3 million tonnes of LNG in the second quarter, up 45 percent on the year, while it was expected to sell 4.8 million tonnes in the third, up 14 percent, and 8.5 million tonnes in the fourth, an 8 percent rise. Domestic sales by KOGAS were expected to reach 30 million tonnes, higher than the firm's earlier estimate of 28 million tonnes and last year's 24.6 million tonnes. [ID:nTOE65E00A] KOGAS said in a recent note that local LNG demand was projected to increase 10.4 percent from 2009 to 2012 and 4.3 percent to 2015, driven by healthy demand for power generation through 2012 but then hit by alternative sources of energy. South Korea plans to add about 18 nuclear power reactors by 2030 to its existing 20 to reduce its energy imports and carbon emissions. [ID:nTOE646023] Higher sales caused LNG stocks held by KOGAS at the end of June to drop an estimated 24 percent to 1.9 million tonnes from a year earlier, Reuters calculations showed. Bullish power demand also helped the country's coal imports rise 35 percent to 8.69 million tonnes in June from a year earlier. [ID:nTOE66D050] (Additional reporting by Suh Kyungmin and Seo Ji-won; Editing by Jonathan Hopfner and Clarence Fernandez) Recommend Send IM Story Print Related Articles Japan's NTT to buy S.Africa IT firm Dimension Data AFP - 16 minutes ago CNPC builds Xinjiang gas network to meet local need Reuters - 32 minutes ago China June fiscal revenue up 14.7 pct yr/yr Reuters - 34 minutes ago New strike hits Honda parts supplier in China Reuters - 37 minutes ago China stocks post biggest percent fall in 2 weeks Reuters - 38 minutes ago News Search Top Stories 'Significant advances' made towards AIDS vaccine Experts urge US to restrict drug Avandia US Fed weighs new measures as recovery falters Avandia increases risk of heart problems: panel Libyan aid ship set to dock at Egyptian port More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Penelope Cruz, Javier Bardem tie the knot Mel Gibson takes aim at Hispanics in fresh rant Rapid weight loss best way to slim down: studies Experts urge US to restrict drug Avandia Tiger-rescue plan to be drawn up in Indonesia More Most Viewed » Reclusive top mathematician turns down prize, again Germany's 'Octopus oracle' keeps perfect record Amputee cat gets bionic legs Fans gather for Michael Jackson death anniversary Who's right - the dolphin or the octopus? 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