S Korea Looks to Expand LNG Regas Capacity

South Korea state LNG reserves are on target to reach 90% of capacity by November according to an energy Ministry official. In August inventories were reported at 34% of capacity at 1.81m tons.

• Korea Gas said they have secured enough LNG for winter but are purchasing more to cover for uncertainties. South Korean LNG importers are looking to expand LNG regasification infrastructure to boost supply security according to S&P Global.
• Plans exist for new terminals and expansion at LNG terminals in Ulsan Clean Energy Complex, Gwangyang LNG, Boryeong LNG and Dangjin LNG with new capacity online between 2023 and 2027.
• "Due to the high LNG prices, many LNG buyers are eyeing to expand regasification terminals or adding storage tanks", a Korean market source said. Increasing regas capacity and emergency backup facilities could help LNG importers, while providing end-users with more options in a volatile market.
• In 2021 South Korea had 132.9m mt/yr of regasification capacity.