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.