AsianOil: South Korea's KOMIPO dumps plans for new LNG terminal

South Korea's Korea Midland Power (KOMIPO) has scrapped plans for an LNG import terminal on the country’s west coast, citing high costs and waning gas demand, Reuters reported on July 22.

The company’s board approved abandoning the project in Boryeong on June 29, it told Reuters in a statement. The project’s construction expense had been anticipated to climb by around 22% from KRW732bn to KRW895bn ($527mn). The company noted that annual demand for LNG among its customers was expected to drop by 67% to 384,000 tonnes.

KOMIPO unveiled the project in 2022, and construction was meant to begin last month, according to South Korea’s Yonhap news agency.

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