▲ This file photo, provided by Doosan Enerbility Co. on July 30, 2021, shows an image of the envisioned liquefied natural gas (LNG) storage tanks to be built in the western city of Dangjin, South Chungcheong Province. (PHOTO NOT FOR SALE) (Yonhap)

natural gas-demand forecast

S. Korea's demand for natural gas predicted to fall 1.4 pct per year through 2036

SEOUL, April 27 (Yonhap) -- South Korea's demand for natural gas is expected to decrease 1.38 percent per year through 2036 due mainly to falling demand for power generation, the industry ministry said Thursday.

The country's annual demand for natural gas could reach 37.66 million tons in 2036, compared with 45.09 million tons estimated for this year, according to the Ministry of Trade, Industry and Energy.

The expected decrease comes as demand from power companies is forecast to fall 5.42 percent every year on average to 11.09 million tons in 2036 from this year's 22.89 million tons.

But gas demand from the industrial segment is likely to grow 2.63 percent each year to 26.57 million tons in 2036 from this year's estimate of 22.2 million tons, and that from households and for other purposes is to inch up 0.31 percent a year by the time, the ministry said.

The government makes the long-term forecast every two years to ensure its stable supplies, and it took into consideration multiple factors, such as the country's economic growth outlook, demographic changes, gas prices and climate situations, for this year's outlook.

Based upon the forecast, the government plans to expand its natural gas storage capacity to 19.98 million kiloliters by 2036, up from 14.09 kiloliters in 2022, by building a fifth gas base in the western coastal city of Dangjin.

It also vowed to diversify import channels of natural gas to minimize potential impacts of geopolitical and other issues on their supply situation.

South Korea's natural gas dependence on the Middle Eastern nations has been on a constant decrease from 53.2 percent in 2014 to 42.7 percent in 2017 and further to 37.4 percent in 2022, according to government data.

Australia is the No. 1 supplier of natural gas for South Korea by accounting for 25.1 percent in 2022, followed by Qatar with 21 percent, the United States with 12.4 percent and Malaysia with 11.9 percent.

"How to ensure stable gas supplies has never been more important in the aftermath of the Russia-Ukraine war and other global issues. We will draw up various contract portfolios for flexible responses and implement measures to enhance management efficiency," a ministry official said.

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