Korean gas demand
DEMAND for natural gas in Korea exceeds existing supply contracts and could provide opportunities for Australia’s existing and planned LNG export developments.
According to a new report from ABARE Economics, natural gas is projected to remain one the fastest growing fuels in Korea, averaging 5 per cent growth a year over the period 2001-2015 to reach 33 million tonnes.
Releasing the research report LNG in Korea: Opportunities for Growth, ABARE executive director Dr Brian Fisher said natural gas supply plans had not kept pace with projected demand and a significant gap between demand and supply could develop over the next decade.
“Australia has had a limited role in supplying LNG to Korea, although Korea recently signed a contract with North West Shelf Australia LNG for 0.5 million tonnes a year for seven years from late 2003,” Dr Fisher said. “Long-term commitments from a buyer such as Korea could underpin the develop-ment of a number of Australia’s proposed LNG export projects.”
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