Seoul: South Korea is pushing to ease its dependence on the Middle East for its liquefied natural gas (LNG) imports in a move to help maintain a stable supply of the energy resource, the head of the state-run gas company said. Choi Yeon-hye, chief executive officer (CEO) of Korea Gas Corporation (KOGAS), made the remark during a press event held to mark the arrival of LNG imports from Canada through Incheon, just west of Seoul, on Thursday.

According to Yonhap News Agency, Choi emphasized the importance of diversifying the LNG supply chain to ensure stability and sustainability. The KOGAS chief highlighted that South Korea's reliance on Middle Eastern LNG is expected to drop below 18 percent this year, significantly down from 45 percent in 2022 and projected to be 24 percent in 2025.

Choi also pointed out the strategic significance of KOGAS' investment in LNG Canada, which underscores Seoul's commitment to diversifying its energy imports. KOGAS holds a 5 percent stake in LNG Canada, with Shell owning 40 percent. Other stakeholders include PetroChina, Petronas, and Mitsubishi Corp.

Through its investment in LNG Canada, KOGAS has secured annual LNG imports of 700,000 tons over a 40-year period, contributing to South Korea's annual LNG demand of approximately 35 million tons. Since September last year, South Korea has been importing LNG from LNG Canada through the southern city of Tongyeong.

KOGAS plans to continue efforts to secure LNG imports from regions outside the Middle East, including Australia and Mozambique, to further diversify its energy sources.