Korea to divert gas supplies to Europe over Ukraine crisis

A liquid natural gas (LNG) carrier / Yonhap

Korea plans to send part of its liquefied natural gas (LNG) supplies to Europe to help ease an energy crisis caused by 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.

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 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 its gas supplies tightly.

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

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

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