The world's largest LNG buyer, Korea Gas (Kogas), will need more LNG over the next decade. But beyond discussions already underway, it will focus mainly on Russia and Australia to meet that demand and it won't again pay over the odds to get the supply, company sources say. South Korea's LNG market is relatively mature, with demand rising by roughly 1.7% per year, according to Ministry of Knowledge Economy estimates. This implies incremental demand of only 3 million tons per year by 2015. However, several major supply contracts are set to expire over the next decade.
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