Commodity Market Report
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
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Under construction and proposed regasification infrastructure
- KOGAS infrastructure
- Independent infrastructure
- Storage and pipelines
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Recent history
- 2020 and the Covid-19 outbreak
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Short-term outlook (2021-2023)
- Coal-to-gas switching
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Long-term outlook (2023-2050)
- Power demand
- Non-power demand
- Residential/Commercial
- Industrial
- Contract outlook
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Contracting trends
- Price reviews
- Regulatory overview
- Policy overview
- The 14th Long-Term Natural Gas Supply Plan (2021-2034)
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:
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