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South Korea, UAE and EU sign LNG supply agreements
5 articles |
Updated 3h ago |
Created 4h ago
On March 23 in Seoul, the Republic of Korea signed three major liquefied natural gas contracts with Saudi Arabia (50 million tons), United Arab Emirates (174 billion cubic meters over five years) following a recent price surge to $98 per thousand British thermal units and an energy crisis warning from President Yoon Suk-yeol.
Key Points
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1South Korea announced a decision to cut its LNG imports by 50%.
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2The government cited the need for energy security as justification, though it did not explicitly state that domestic gas production was insufficient at this time.
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3UAE officials expressed support and offered assistance in helping South Korea transition away from imported natural gas.
Developments
Mar 23, 05:40
South Korea's LNG import volume reached a record high of $1.8 billion in March.
Mar 23, 05:23
'Second-hand' fuel imports surged as South Korean oil and gas prices rose to new highs by mid-March due to the war between Russia's Ukraine and its neighbors NATO countries