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South Korea Cancels Plans for LNG Import Terminal: Reuters

LNG

South Korea’s KOMIPO has cancelled plans to build an LNG import terminal on the western coast of the country due to high costs and declining demand, Reuters said.

  • The company added that it expected its annual LNG demand to reduce by 67% to 384k mt.
  • Rising nuclear production is expected to displace gas demand within the country over coming years.
  • South Korea is the world’s third largest LNG importer after China and Japan. It imported 45m mt of LNG in 2023, Kpler said.
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