Reeling from the economic downturn, two of Asia's biggest LNG buyers say they have cut purchases this year and want sellers to be more flexible in term contracts. Korea Gas Corp. (Kogas), the world's single largest LNG buyer, says it has cut estimates of Korean gas demand this year to 23.2 million tons - down 15% on its original forecast, which was 12% lower than in 2008. The cuts come against the backdrop of a 4.2% contraction in Korean GDP growth in the first quarter on a year-on-year basis.
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