1 Table of Contents 1 Table of Contents 2 1.1 List of Tables 6 1.2 List of Figures 8 2 Introduction 9 2.1 What is This Report About? 9 2.2 Market Definition 9 3 South Korea Energy Sector 11 3.1 South Korea Energy Sector, Market Overview 11 3.2 South Korea Energy Sector, Oil 12 3.2.1 South Korea Oil, Overview 12 3.2.2 South Korea Oil, Supply and Demand Balance 12 3.2.3 South Korea Crude Oil, Regulatory Structure 16 3.3 South Korea Energy Sector, Gas 17 3.3.1 South Korea Gas, Overview 17 3.3.2 South Korea Gas, Supply and Demand Balance 17 3.3.3 South Korea Natural Gas, Regulatory Structure 23 4 South Korea LNG Industry 24 4.1 South Korea LNG Industry, Regasification 24 4.1.1 South Korea LNG Industry, Regasification, Key Data 24 4.2 South Korea LNG Industry, Regasification, Overview 24 4.2.1 South Korea LNG Industry, Total Regasification Capacity 24 4.3 South Korea LNG Industry, Regasification Capacity by Company 26 4.4 South Korea LNG Industry, Regasification Capacity by Terminal 27 4.5 South Korea LNG Industry, Regasification Asset Details 28 4.5.1 South Korea LNG Industry, Regasification Active Asset Details 28 4.5.2 South Korea LNG Industry, Regasification Planned Asset Details 33 5 South Korea Oil Storage Industry 36 5.1 South Korea Oil Storage Industry, Key Data 36 5.2 South Korea Oil Storage Industry, Overview 36 5.3 South Korea Oil Storage Industry, Storage Operations 36 5.3.1 South Korea Oil Storage Industry, Total Storage Capacity 36 5.4 South Korea Oil Storage Industry, Storage Capacity by Major Companies 38 5.5 South Korea Oil Storage Industry, Storage Capacity Share by Area 40 5.6 South Korea Oil Storage Industry, Storage Capacity by Terminal 41 5.7 South Korea Oil Storage Industry, Asset Details 44 5.7.1 South Korea Oil Storage Industry, Active Asset Details 44 5.7.2 South Korea Oil Storage Industry, Planned Asset Details 82 6 South Korea Oil and Gas Pipelines Industry 84 6.1 South Korea Oil Pipelines 84 6.1.1 South Korea Oil Pipelines, Key Data 84 6.1.2 South Korea Oil Pipelines, Overview 84 6.2 South Korea Oil and Gas Pipelines Industry, Petroleum Products Pipeline Length by Major Companies 84 6.3 South Korea Oil and Gas Pipelines Industry, Petroleum Products Pipelines 86 6.4 South Korea Oil and Gas Pipelines Industry, Oil Pipelines Asset Details 87 6.4.1 South Korea Oil and Gas Pipelines Industry, Oil Pipelines Active Asset Details 87 6.5 South Korea Gas Pipelines, Overview 102 6.6 South Korea Oil and Gas Pipelines Industry, Natural Gas Pipeline Length by Company 102 6.7 South Korea Oil and Gas Pipelines Industry, Natural Gas Pipelines 103 6.8 South Korea Oil and Gas Pipelines Industry, Gas Pipelines Asset Details 104 6.8.1 South Korea Oil and Gas Pipelines Industry, Gas Pipelines Active Asset Details 104 7 South Korea Gas Processing Industry 106 7.1 South Korea Gas Processing Industry, Overview 106 7.2 South Korea Gas Processing Industry, Gas Processing Capacity by Company 106 7.3 South Korea Gas Processing Industry, Capacity Contribution of Various Provinces 106 7.4 South Korea Gas Processing Industry, Gas Processing Capacity 107 7.5 South Korea Gas Processing Industry, Asset Details 108 7.5.1 South Korea Gas Processing Industry, Active Asset Details 108 8 Recent Contracts 109 8.1 Detailed Contract Summary 109 8.1.1 Awarded Contracts 109 9 Recent Developments 130 9.1 Other Significant Developments 130 9.1.1 Dec 23, 2015: South Korea To Receive New LNG Cargo From Peru 130 9.1.2 Dec 18, 2015: KOGAS Records 15.7% Decrease In Domestic Gas Sales In November Year-On-Year 130 9.1.3 Dec 18, 2015: Gazprom Neft Receives Third Consignment Of Iraqi Oil 130 9.1.4 Dec 16, 2015: KOGAS Concludes Stage 1 Of Samcheok LNG Production Base In South Korea 131 9.1.5 Dec 12, 2015: General Dynamics NASSCO Launches The Independence, First Ship In Series Of ECO Class Tankers for SEA-Vista Fleet 132 9.1.6 Nov 26, 2015: HHI In Search Of New Local Partner To Bid For GAIL's LNG Carrier Orders 133 9.1.7 Nov 24, 2015: Kogas Reports 12.1% Decrease In LNG Sales In October Year On Year 134 9.1.8 Nov 15, 2015: Bechtel Delivers First Cargo of LNG for Santos GLNG Project 134 9.1.9 Nov 11, 2015: Kogas Records 14% Decrease In LNG Imports In January To September 2015 135 9.1.10 Nov 06, 2015: Petronas Floating Lng2 Takes Shape With New Construction Milestone 135 9.2 New Contracts Announcements 136 9.2.1 Dec 11, 2015: Wartsila Develops Inert Gas Solution For 17 New LNG Carriers 136 9.2.2 Dec 01, 2015: Wartsila: Further Orders For Wartsila Gas Cargo Handling Systems - 11 New Gas Carriers To Rely On Wartsila 137 9.2.3 Nov 30, 2015: DSLNG And GE Signed Contract Service Agreement For The LNG Plant 139 9.2.4 Nov 26, 2015: Sodexo Partners With Shell Australia To Deliver Facilities Management Services For Prelude FLNG 140 9.2.5 Nov 25, 2015: MacGregor Wins Several Orders For Pusnes Deck Machinery In South Korea 142 9.2.6 Nov 11, 2015: Kogas, EDF Sign Eight-Year LNG Supply Deal 142 10 Appendix 144 10.1 Abbreviations 144 10.2 Methodology 144 10.2.1 Coverage 144 10.2.2 Secondary Research 145 10.3 Disclaimer 145

1.1 List of Tables Table 1: Oil Industry, South Korea, Historic and Forecast of Oil Consumption (mbd), 2000-2020 13 Table 2: Oil Industry, South Korea, Historic and Forecast of Oil Exports and Imports (mbd), 2000-2020 15 Table 3: Gas Industry, South Korea, Historic and Forecast of Gas Consumption (bcf), 2000-2020 18 Table 4: Gas Industry, South Korea, Historic and Forecast of Gas Imports (bcf), 2000-2020 20 Table 5: Gas Industry, South Korea, Historic Natural Gas Reserves (tcf), 2000-2014 22 Table 6: LNG Industry, South Korea, Regasification Key Statistics, Dec 2015 24 Table 7: LNG Industry, South Korea, Total Regasification Capacity (bcf), 2010-2020 24 Table 8: LNG Industry, South Korea, Regasification Capacity by Company (bcf), 2010-2020 26 Table 9: LNG Industry, South Korea, Regasification Capacity (bcf), 2010-2020 27 Table 10: Oil Storage Industry, South Korea, Key Statistics, Dec 2015 36 Table 11: Oil Storage Industry, South Korea, Total Storage Capacity (mcm), 2010-2020 36 Table 12: Oil Storage Industry, South Korea, Storage Capacity by Major Companies (mcm), 2010-2020 38 Table 13: Oil Storage Industry, South Korea, Storage Capacity (mcm), 2010-2020 41 Table 14: Oil Storage Industry, South Korea, Storage Capacity (mcm), 2010-2020 (Contd.1) 42 Table 15: Oil Storage Industry, South Korea, Storage Capacity (mcm), 2010-2020 (Contd.2) 43 Table 16: Oil and Gas Pipelines Industry, South Korea, Oil Pipelines Key Statistics, Dec 2015 84 Table 17: Oil and Gas Pipelines Industry, South Korea, Petroleum Products Pipeline Length by Major Companies (km), Dec 2015 84 Table 18: Oil and Gas Pipelines Industry, South Korea, Petroleum Products Pipelines, Dec 2015 86 Table 19: Oil and Gas Pipelines Industry, South Korea, Natural Gas Pipeline Length by Company (km), Dec 2015 102 Table 20: Oil and Gas Pipelines Industry, South Korea, Natural Gas Pipelines, Dec 2015 103 Table 21: Gas Processing Industry, South Korea, Gas Processing Capacity by Company (mmcf), Dec 2015 106 Table 22: Gas Processing Industry, South Korea, Capacity Contribution of Various Provinces (mmcf), Dec 2015 106 Table 23: Gas Processing Industry, Gas Processing Capacity in South Korea (mmcf), Dec 2015 107 Table 24: Wartsila Corporation Secures Contract From Shell For The Supply Of Three 8-Cylinder Wartsila Dual-Fuel Engines For Liquefied Natural Gas (LNG) Bunkering Vessel 109 Table 25: Winterthur Gas & Diesel (WinGD) Secures Contract From Daewoo Shipbuilding & Marine Engineering (DSME) 110 Table 26: MacGregor Secures Contracts To Provide Its Pusnes Deck Machinery Packages For Various Ship Types Being Constructed By The Hyundai Group And Sungdong Shipbuilding & Marine Engineering 112 Table 27: Hyundai Heavy Industries (HHI) Secures Contract Worth Approximately KRW87.9 Billion (US$77 Million) 113 Table 28: Gaztransport & Technigaz (GTT) Secures Contract From Daewoo Shipbuilding & Marine Engineering (DSME) 115 Table 29: Bestobell Marine (Bestobell Valves) Secures Contract For The Supply Of High Pressure (HP) Cryogenic Globe Valves For Pump And Vaporizer Skids For Six Liquefied Natural Gas (LNG) Carriers Being Built At Daewoo Shipbuilding & Marine Engineering (DSME) Shipyard 116 Table 30: Gaztransport & Technigaz (GTT) Secures Contract From Samsung Heavy Industries (SHI) 117 Table 31: Gaztransport & Technigaz (GTT) Secures Contract From Daewoo Shipbuilding & Marine Engineering (DSME) 119 Table 32: Hyundai Heavy Industries (HHI) Secures Contract Worth Approximately KRW91.4 Billion (US$76.79 Million) From KSS Line (formerly Korea Special Shipping) 120 Table 33: Wartsila Secures Two Contracts From Hyundai Heavy Industries (HHI) For The Supply Of Seawater Propane 122 Table 34: Bestobell Marine (Bestobell Valves) Secures Contract From Hyundai Heavy Industries (HHI) 123 Table 35: Gaztransport & Technigaz (GTT) Secures Contract From Hyundai Samho Heavy Industries 125 Table 36: STX Offshore & Shipbuilding Secures Contract From John Fredriksen For The Construction Of Two Very Large Crude Carriers (VLCCs) Each With 3,00,000 Dead-Weight Tonnage (DWT). 126 Table 37: Hyundai Heavy Industries (HHI) Secures Contract From Knutsen NYK Offshore Tankers For The Construction Of 1,56,000 Dead Weight Tonnage (DWT) 127 Table 38: MacGregor Secures Contract From Daewoo Shipbuilding & Marine Engineering (DSME) For The Supply Of Hatlapa Deck Machinery For 10 Liquefied Natural Gas (LNG) 128 1.2 List of Figures Figure 1: Energy Industry, South Korea, Primary Energy Consumption Split by Fuel Type (%), 2014 11 Figure 2: Oil Industry, South Korea, Historic and Forecast of Oil Consumption (mbd), 2000-2020 14 Figure 3: Oil Industry, South Korea, Historic and Forecast of Oil Exports and Imports (mbd), 2000-2020 16 Figure 4: Gas Industry, South Korea, Historic and Forecast of Gas Consumption (bcf), 2000-2020 19 Figure 5: Gas Industry, South Korea, Historic and Forecast of Gas Imports (bcf), 2000-2020 21 Figure 6: Gas Industry, South Korea, Historic Natural Gas Reserves (tcf), 2000-2014 23 Figure 7: LNG Industry, South Korea, Total Regasification Capacity (bcf), 2010-2020 25 Figure 8: LNG Industry, South Korea, Regasification Capacity by Company (bcf), 2010-2020 26 Figure 9: Oil Storage Industry, South Korea, Total Storage Capacity (mcm), 2010-2020 37 Figure 10: Oil Storage Industry, South Korea, Storage Capacity by Major Companies (mcm), 2010-2020 39 Figure 11: Oil Storage Industry, South Korea, Storage Capacity Share by Area (%), 2015 40 Figure 12: Oil and Gas Pipelines Industry, South Korea, Petroleum Products Pipeline Length by Major Companies (km), Dec 2015 85