To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more




TOP STORIES
Huawei ushers in 5G

Huawei today presented the first commercial 5G device. With the help of the Balong 5000 chipset, the...



Private companies in South Korea will import LNG directly from 2025



State owned monopoly could be bypassed by private companies from 2025 and thus a real LNG market is due to be created in the country.



15.Jun.16 6:07 AM
By Vladimir Vasiliev
Photo Toinnov.com

   307

Private companies in South Korea will import LNG directly from 2025

State owned company Kogas had a monopoly on the LNG market in South Korea more than 15 years since its establishment in 1983. The monopoly has been shaken a little bit in 1998 when some companies were allowed to import LNG directly for the purposes of their own energy production.  Time showed that it was not a great concession. Combined amount of LNG they import account for just 5.7% of all LNG South Korea is importing. 

Now government officials have to accept that the lack of competition produce the certain problems. Kogas have no strong motivation to search for cheaper opportunities and react properly when circumstances are changing and its pure financial conditions are partly the consequence of that policy.

This year government is going to unveil plans and actions to liberate LNG market and the formal road map is to be published next year. The idea is to prepare local firms to the regulations gradual lifting and creating new relations between suppliers and customers.




Back to the list


Related Information: