S. Korea to import more natural gas as part of new energy policy

Lim Chang-won Reporter Posted : 2018-04-05 18:02 Updated : 2018-04-05 18:02
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SEOUL -- South Korea will increase imports of natural gas in line with President Moon Jae-in's drive to replace nuclear and fossil energy with alternative sources such as natural gas and renewables.

The Ministry of Trade, Industry and Energy said that demand for natural gas would grow to 40.49 million metric tons in 2031 from 36.46 million tons this year. The ministry predicted that natural gas demand for power generation would see a gradual increase.

South Korea is the world's second-largest importer of liquefied natural gas. For a stable supply of natural gas, the ministry promised to build more gas storage facilities and diversify its gas import portfolio.

Natural gas imports from Qatar accounted for 30.8 percent of South Korea's total imports last year, followed by Australia with 18.6 percent, Oman with 11.3 percent, Malaysia with 10 percent and Indonesia with 9.4 percent.