A tone of LNG is equal to about 51.9 mmBtu. South Korean power utilities, the main consumers of LNG, have been using more fuel oil for power generation starting in 2009 after crude oil prices fell to about $40 per barrel from an all-time high of near $150 in July 2008.
Because the power utilities are buying less LNG and more fuel oil, KOGAS is left with a high inventory, said a source at local power generator.
