South Korea Willing to Buy LNG from Australia


South Korea is interested in buying LNG (Liquefied Natural Gas) from the Browse Basin of Australia, as the fourth largest economy of Asia is competing with India and China for the supplies of energy.



Expressing its interest to Australia regarding the supplies of LNG from Browse & the two other nations, South Korea has given its consent to increase co-operation on the project. The Ministry of Commerce, Energy and Industry of Korea made this declaration on 8 December 2006.Korea is contesting with India and China for LNG, which is a cleaner and environment friendly alternative to crude oil and coal. Korea wants to reduce its reliance on crude oil since fuel prices increased a record high of US$ 78.40 per barrel in NY in 2006.As per a Research Analyst's view at RNCOS, who has recently researched a report on "Market Research on Asian LNG Market (2007)", South Korea would face stiff competition for the supplies of LNG. There's strong growth in the demand of energy in India and China. Shrinking reserves in North America & North Sea, and increasing demand has spurred both planned and actual imports of LNG.The research report on "Market Research on Asian LNG Market (2007)" also addresses the issues and facts that are critical to your success:- Atlantic LNG market is growing at faster pace as compared to Asia-pacific market- Role of Middle East is enhancing rapidly as LNG importer- Japan & Korea remain the largest importers of LNG in 2005- Get an insight into the trends in market performance- Pinpoint sectors of growth and identify the driving factorsAbout the reportThe report further provides research and objective analysis on LNG Industry. It helps clients to analyze the opportunities, factors critical to the success & potential markets for LNG market.About RNCOSRNCOS, incorporated in 2002, provides Market Research Reports for your business needs and aims to put an end to your information pursuit. Our expertise in gathering global business information for industry research, corporate training, growth consulting, and business consulting, brings reputed companies and firms to us for business enhancement solutions. We can be your one-stop-shop for Industry research information and niche market analysis.