Oct 6, 2014
Korea- Australia: energy and resources opportunities
Three Top Securities Korea is facing Today are National security, Food securities and energy resource securities. Korea is energy-hungry country. 97% of energy needs imported, The world’s 5th largest oil importer, the world’s 4th largest coal importer, The world’s 2nd largest LNG importer, The world’s 10th largest energy consumer, Korea is the 3rd largest market for iron ore exporters (11% market share for WA), 35% of total import amounts are pure energy import and KOGAS is the single biggest importer of LNG in the world.
It is forecasted to increase LNG imports of Korea by 40% by 2035. Target is to grow oil and gas self-sufficiency rate to 40% from current 12% by 2035. Total Energy Import Amount in 2013: $178.7b (34.7% of total import amount)
Australia is the 6th import country of Korea. Australia has Reliable energy and resource security partner. 37.7% of Korea’s minerals are from Australia. 33.2% of thermal coal is from Australia (2.9mt). 34.4% of coking coal is from Australia (40mt). 35% of Korea’s overseas mining investment is in Australia. LNG import contract: total 9.6Mt (almost 30% of total Korea import volume. They have highly educated and skilled work force. They have Enjoyable Life style and same time Zone. Australia is in Asia, not Europe
Australia consists of 6states and 2 territories. 75 times bigger than South Korea. Capital is Canberra and Area is 760km2. Population is 23.3 million. Race are Australian Aborigines and early English settlement. Over 7 million migrants migrated to AUS from 200 countries since WW2. Australian participation in Korean War. 340 lives contributed during the Korean War. One of the few nations has formal diplomatic relationship with both Koreas.
Korea is the 3rd largest export destination and the 4th biggest trading partner for Australia. Australia is the biggest energy/resource investment country for Korea....
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