South Korea’s long-term gas demand to rise 1.7% annually; oil consumption to fall: ministry

10 Dec 2013   South Korea

South Korea’s natural gas demand is forecast to grow 1.7% annually on average to 35.3 million mt of oil equivalent in 2035, compared with 23.7 million mtoe in 2011, the country’s Ministry of Trade, Industry and Energy said in a report released Tuesday. But the country’s oil demand is expected to shrink 0.11% annually to 99.3 million mtoe in 2035, compared with 102.0 million mtoe in 2011, according to a draft version of the ministry’s Energy Basic Plan. The country’s electricity consumption, meanwhile, is forecast to nearly double to 70.2 million mtoe in 2035, from 39.1 million mtoe in 2011, the report said, noting that the government will seek further power price hikes to curb growing demand. The country’s demand for coal for power generation is expected to increase 0.6% annually to reach 38.6 million mtoe in 2035, compared with 33.5 million mtoe in […]

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