A growing number of South Korea’s mega-scale liquefied natural gas (LNG) receiving terminal projects have been scrapped amid weakening LNG demand and looming overinvestment risks, according to the Institute of Energy Economics and Financial Analysis (IEEFA).
Last month Korea Midland Power (KOMIPO) scrapped its Boryeong LNG terminal buildout plan, scheduled for 2027, after reworking the feasibility study due to rising costs and declining demand.
Since early 2024, at least four LNG terminal projects with a combined regasification capacity of 11 million tonnes per annum (MTPA) have been delayed or cancelled due to a lack of economic benefits and rising construction costs. They account for about 29% of the total proposed import capacity in the country, according to IEEFA.
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