South Korea LNG market report

Commodity Market Report 30 May 2024

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Report summary

South Korea LNG imports dropped in 2023. LNG demand will continue to drop till 2026 but will remain resilient through the 2030s as LNG plays a critical transitional role in the power sector. Longer-term LNG demand will gradually decline as the energy transition takes a firmer hold. What are the key drivers of the demand trend? How will coal, nuclear and renewables impact gas power demand? South Korea's energy policy is evolving amid political leadership change. What are the existing policy targets? What will be the enablers and constraints in policy implementation? As legacy long-term contracts expire from the mid-2020s, we expect South Korean buyers to be in the market for new deals, both short term and long term. What are the latest activities and pricing trends? Read more on our in-depth analysis of South Korea's LNG market, including: • LNG market outlook • LNG Infrastructure • LNG contracts and pricing • Policy and market structure

Inter-fuel competition in the power sector, energy transition commitments and a mature economy are the primary drivers of South Korea’s LNG demand outlook
South Korea’s energy policy is evolving amid political leadership change, which has remained supportive of gas and LNG till 2030
KOGAS still dominates the country’s LNG infrastructure, while third-party access to infrastructure has improved
As long-term contracts expire from mid-2020s, Korean buyers are looking to sign new term contracts as LNG supply security remains a primary concern for South Korea in the absence of other gas supply options