High Consumption Fuelling LNG Import in South KoreaBy: Shushmul Maheshwari
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High Consumption Fuelling LNG Import in South Korea
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Natural gas plays a vital role in South Korean energy market; in fact, in 2007, natural gas accounted for around 14% share in country’s total energy generation, meeting a substantial part of its rapidly growing energy demand, says “Global LNG Market - The Road Ahead”.
According to RNCOS analyst, “Despite the economic ups and downs, primary energy consumption is expected to grow at an average rate of around 3% during 2008-2012.” Apart from rising consumption, the need to create a pollution-free environment has prompted the country to focus on gas-fired power stations. Also, the country is likely to bring more gas-fired power plants online in near future to meet the power demand of domestic heavy and manufacturing industries that consume a large part of power. As natural gas has high calorific value and is a relatively cleaner source of energy, its demand is rolling in the domestic South Korean market, says the report.
However, the limited natural gas reserves have forced South Korea to import LNG from other countries to match its domestic requirements. In fact, domestic production contributes an insignificant share towards the country’s total natural gas consumption. And geographical positioning and non-friendly environment of South Korea with counterpart North Korea has limited the development of its natural gas pipeline with Russia. As a result, it has been importing natural gas in the liquid form since 1994.
“Global LNG Market - The Road Ahead” expects that South Korea’s LNG demand in 2010 for power generation and other domestic uses will be up by more than 32% over 2007 level.
Apart from South Korea, the report provides a detailed study on LNG markets of other countries too. It covers information on the LNG importing countries like Japan, China India, the US and France, and LNG exporting countries like Australia, Indonesia, Malaysia, Australia, Oman, the UAE and Qatar to understand the global LNG supply and demand market. It analyzes both present and future scenario of the LNG market, and features forecast on LNG demand, supply and production etc at country-level.http://www.rncos.com/ |
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| Keywords |
Global LNG Market - The Road Ahead, Global LNG Market, LNG Market, Global LNG Industry, Proved Natural Gas Reserves, LNG Liquefaction Capacity, LNG Shipping Cost, Liquefied Natural Gas, LNG Industry |
| Category |
Business |
| Submission Date |
Jun 9, 2009 |
| Article Contact Name |
Shushmul Maheshwari || send email to Shushmul Maheshwari
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Economic Crisis Unable to Stop Russia to Spend on IT
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According to the report “Russia IT and Outsourcing Industry Forecast to 2011” by RNCOS, IT spending in Russia is way ahead of other Eastern European countries. Despite the recent economic turmoil, Russia will continue to dominate the IT industry landscape in the region. Although there may be some budget cut on the IT spending by the companies but it will not be enough to decelerate the IT industry growth trajectory.
Majority of the spending will be on hardware and equipments followed by services and packaged software. The share of spending on hardware will decline in future and that of services and packaged software will increase. It is expected that the spending by SMEs will account for more than 40% of the total IT spending in Russia by 2012. Majority of the spending will be focused on strengthening information and data security and employee IT training needs.
According to a Sr. Analyst at RNCOS, “Over the next one to two years, growth in the IT market may slow down for a while but it will still continue in upward direction. Spending from retail consumer is expected to witness a sharp downturn as compared to spending by government, SMEs and other industry verticals. It is expected that IT spending from verticals like retail, telecomm, banks and insurance will witness least decline as these sectors will concentrate more on IT to increase efficiency levels in current downturn and cost cutting environment.”
“Russia IT and Outsourcing Industry Forecast to 2011” is an extensive research on IT and outsourcing industry of Russia. It provides qualitative and quantitative industry analysis, coupled with the factors responsible for the industry’s growth, opportunities and antagonistic forces challenging the industry. It underlines the spending patterns across the various segments of the industry.
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Chinese Freshwater Pearls losing luster by overproduction
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(Guangzhou City, China, Oct. 5) International Pearl Exposition and Auction has recently been held in Guangzhou, China. Merchants and bidders, both at home and abroad, were deeply impressed by the rare and valuable pearls from all over the world. However, it’s hard to find the well-known domestic Zhejiang Pearls among the glittering jewels.
With the fame as the "No. 1 global bidding", International Pearl Exposition and Auction is held two or three times every year. This year, we had the honor to hold the exposition and auction in Guangzhou. It should have been a very good opportunity for the local sellers to display their pearls without traveling abroad. Nevertheless, some 40 local buyers came just to bid with those of the same trade.
"Most of the displayed pearls are from oversea producer." Said Mark Wu from Topearl Jewelry Inc., "China leads the world in production of saltwater akoya pearls, freshwater pearls also account for 90 percent of the world’s output. But we had very few qualified entries." This is nothing new but a reflection of the current situation of the international pearl market. Since medium and low grade pearls are in the majority in China, we only hold 10 percent of trading volume in the world’s pearl market. Each year, China mainly exported low-valued un-finished pearl beads and strands, not high added-value pearl jewelry such as pearl necklace, bracelet and pearl earrings etc. The absence of Zhejiang Pearls simply reflected our embarrassment among the general Chinese pearl industry.
How to upgrade Chinese Pearls including Zhejiang Pearls becomes our main concern. China has good weather and temperature for the pearl cultivation. Based on these good natural conditions, our pearls have good quality themselves. Therefore, low added value is the root of the problem. Compared with the international technology, we still have a long way to go in pearl processing and treatment, such as bleaching, polishing and design.
Although we fall a little behind, we see a very good chance to increase the value of our pearls. Union of Asian Jewelry has already been founded in Guangzhou. And from now on, the International Pearl Exposition and Auction will be held in Guangzhou every year. Jiangsu and Zhejiang, China’s bases of freshwater pearls and pearl jewelry, will have own platform for pearl exhibits.
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