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High Consumption Fuelling LNG Import in South Korea
Natural gas plays a vital role in South Korean energy market; in fact, in 2007, natural gas accounted for around 14% share in country's total energy generation, meeting a substantial part of its rapidly growing energy demand, says "Global LNG Market - The Road Ahead".
According to RNCOS analyst, "Despite the economic ups and downs, primary energy consumption is expected to grow at an average rate of around 3% during 2008-2012." Apart from rising consumption, the need to create a pollution-free environment has prompted the country to focus on gas-fired power stations. Also, the country is likely to bring more gas-fired power plants online in near future to meet the power demand of domestic heavy and manufacturing industries that consume a large part of power. As natural gas has high calorific value and is a relatively cleaner source of energy, its demand is rolling in the domestic South Korean market, says the report.
However, the limited natural gas reserves have forced South Korea to import LNG from other countries to match its domestic requirements. In fact, domestic production contributes an insignificant share towards the country's total natural gas consumption. And geographical positioning and non-friendly environment of South Korea with counterpart North Korea has limited the development of its natural gas pipeline with Russia. As a result, it has been importing natural gas in the liquid form since 1994.
"Global LNG Market - The Road Ahead" expects that South Korea's LNG demand in 2010 for power generation and other domestic uses will be up by more than 32% over 2007 level.
Apart from South Korea, the report provides a detailed study on LNG markets of other countries too. It covers info rmation on the LNG importing countries like Japan, China India, the US and France, and LNG exporting countries like Australia, Indonesia, Malaysia, Australia, Oman, the UAE and Qatar to understand the global LNG supply and demand market. It analyzes both present and future scenario of the LNG market, and features forecast on LNG demand, supply and production etc at country-level.
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Author: Shushmul Maheshwari
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