A senior official from the South Korean presidential office stated on Friday that Iran's attack on Qatar's global largest liquefied natural gas (LNG) facility is unlikely to cause a disruption in South Korea's natural gas supply, as the country has alternative sources.
The official made these remarks amid a surge in global energy prices following Iran's attack on Qatar's LNG facility. It was reported that the CEO of Qatar Energy warned that long-term LNG contracts with several countries, including South Korea, could face force majeure risks.
According to the official, LNG imports from Qatar this year account for approximately 14% of South Korea's total imports.
The official stated, "The proportion of LNG imports from Qatar this year has not reached 14%, and there are no supply issues due to other import sources."
However, the official also noted that South Korea will closely monitor potential disruptions to global energy supplies resulting from the ongoing conflict in the Middle East.
The official indicated that South Korea is considering additional measures to stabilize the supply chain of key raw materials crucial to the petrochemical industry.
South Korea is facing a shortage of naphtha, an important feedstock for the petrochemical sector. A significant portion of South Korea's naphtha imports must transit through the Strait of Hormuz, a vital shipping lane that has been effectively closed due to escalating tensions with Iran.
The official said, "The government will implement export control measures to minimize the outflow of naphtha. We are also considering other necessary actions to stabilize the industrial supply chain."
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