Supply gap looms for South Korea

06/05/2006
While buyers in Japan have been willing to make long-term purchase commitments in early 2006, Korea Gas Corp. (Kogas) and other private importers in Korea were still sitting on the sidelines. This hesitancy came as demand for LNG in the country increased rapidly and the winter supply gap was widening.Supply outlookConsumption in Korea has been rising at nearly 10%/year since 2000, reaching 23 million tonnes in 2005, while Kogas has been scrambling every year to fill the winter shortfall with expensive cargoes purchased on spot terms. There has been growing concern that Indonesia, Korea’s second largest supplier, would be unable to meet its contractual obligations over the next sever...
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