South Korea is dependent on Australia and Qatar for its LNG supply
LNG crucial for South Korea despite nuclear focus
Liquefied gas may lose market share to nuclear in South Korea, but demand could still be robust
South Korea is the world’s third-largest LNG importer, behind China and Japan. The country takes in c.46mn t/yr of the fuel, more than 10pc of the global market, making it a key consumer in a sector that has only grown in importance since the start of the Ukraine war and the emergence of Europe as a competing demand hub. And despite Seoul’s renewed embrace of nuclear power and plans to trim its dependence on imported gas, South Korea’s LNG intake is unlikely to have peaked, analysts suggest. The government of President Yoon Suk Yeol plans to build new nuclear power plants, in a significant departure from the previous administration of Moon Jae-in, who halted nuclear projects and talked about
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
