S. Korea to divert gas supplies to Europe over Ukraine crisis

All News 10:27 April 28, 2022

SEOUL, April 28 (Yonhap) -- South Korea plans to send part of its liquefied natural gas (LNG) supplies to Europe to help ease an energy crisis over Russia's invasion of Ukraine, officials said Thursday.

Concerns have grown over natural gas supply disruptions in Europe amid the ongoing crisis surrounding Ukraine, as Russia is the biggest provider of gas to Europe.

On Wednesday, Russia's state-owned gas producer Gazprom said it had cut off natural gas supplies to Poland and Bulgaria after the nations refused to pay for shipments in rubles.

South Korea has decided to divert some of its LNG gas cargo to Europe, as Seoul has "some room" for such support in spring time, an industry ministry official said.

He refused to give details about when and how much South Korea will offer, but the envisioned shipment would be sent to Europe before summer though the volume would "not be that much" as Seoul usually manages the gas supplies tightly.

The decision appears to have been made upon a request from the United States or European nations, another official said.

In February, Washington asked for South Korea's gas support for Europe, but the Seoul government turned down the request at that time, according to media reports.

The import price of natural gas for South Korea stood at US$1,013.35 per ton as of end-March, up 20.08 percent from the previous month. The comparable figure for March 2021 was $438.42, according to government data.