Commodity Market Report

South Korea LNG market report

Get this report

$4,000

You can pay by card or invoice

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

- FAQs about online orders
- Find out more about subscriptions

26 August 2021

South Korea LNG market report

Report summary

South Korea will remain the third largest LNG importer until the mid-2030s, when India is due to overtake it. We expect demand will quickly recover from 2020 and 2021 is on track for record imports. But LNG will still face pressure in the early 2020s in the wake of new nuclear and coal power capacity, falling to 38 mmtpa from a peak 45.4 mmtpa in 2021. Mid-term demand has strengthened this update following new policy announcements. LNG demand will grow to the late 2020s as South Korea shifts from coal and nuclear to renewables and gas, in the absence of wide-scale battery storage. Although LNG's role will change, the new 9th Basic Plan more clearly positions LNG as a transition fuel. Long-term demand will plateau and gradually decline, as renewables scale up, technologies mature and the energy transition takes firmer hold. The route South Korea will ultimately take to achieve net zero is uncertain, but it's set to offer opportunities and challenges to LNG in the coming decades.

Table of contents

Tables and charts

This report includes 12 images and tables including:

  • LNG and gas infrastructure map
  • Gas demand and LNG imports (mmtpa)
  • LNG storage inventory
  • Short-term coal-to-gas switching economics
  • Long-term LNG supply-demand balance
  • Contracted LNG supply by source (mmtpa)
  • Contracted LNG supply by buyers (mmtpa)
  • Northeast Asia oil indexation contract trend
  • Short term LNG demand (monthly)
  • Power generation mix
  • 9th Basic Plan for Long-Term Electricity Supply and Demand - 2030 power generation mix targets
  • 14th Natural Gas Plan LNG demand targets (mmtpa)

What's included

This report contains:

  • Document

    01 Southkorea Data 2021.xls

    XLS 570.50 KB

  • Document

    South Korea LNG market report

    PDF 1.82 MB