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South Korea halts LNG imports amid US-China trade tensions
6 articles |
Updated 15h ago |
Created 1d ago
The Ministry of Trade, Industry & Energy has suspended all new liquefied natural gas import contracts following a sharp rise in global spot prices driven by geopolitical friction between the United States and China that threatens to disrupt supply chains from major exporters like Qatar's NOVA LNG terminal into South Korea as well as Japan.
Key Points
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1South Korea's LNG import capacity is projected to increase by approximately $9 billion, with a significant portion allocated for the US.
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2The government plans an additional investment of about KRW$1.5 trillion (approx. USD) in new liquefaction facilities over three years starting from 2034.
Developments
[Mar 20, 16:40]
Reports indicate a projected increase of $9 billion for LNG imports and mention plans to invest KRW$5 trillion in new liquefaction facilities starting from the year following this report.
[Mar 20, 16:40]
(Duplicate timestamp entry regarding capacity increase)