S. Korea says attack on Qatar LNG plant unlikely to cause supply disruption

▲ Cheong Wa Dae is seen in this undated file photo. (Yonhap)

S Korea-Qatar LNG plant

S. Korea says attack on Qatar LNG plant unlikely to cause supply disruption

By Kim Eun-jung

SEOUL, March 20 (Yonhap) -- An attack by Iran on the world's largest liquefied natural gas (LNG) complex in Qatar is unlikely to cause a supply disruption for South Korea because the nation has alternative sources of gas, a senior official at Cheong Wa Dae said Friday.

The official made the remarks as global energy prices jumped after Iran attacked the LNG complex in Qatar, with a chief executive of QatarEnergy reportedly warning of potential force majeure on long-term LNG contracts with countries, including South Korea.

This year, Qatari LNG accounts for about 14 percent of the country's total imports, according to the official.

"The proportion of Qatari (LNG imports) is not as high as 14 percent this year, and there is no problem in supply of gas because there are alternative sources of imports," the official said.

However, the official said South Korea will closely monitor any disruption of global energy supplies caused by a prolonged war in the Middle East.

Also, South Korea is considering additional measures to stabilize the supply chain of key materials critical to the petrochemical industry, the official said.

South Korea faces shortages of naphtha, a key feedstock for the petrochemical industry. Much of its naphtha imports are transported through the Strait of Hormuz, a vital shipping route effectively closed amid escalating tensions involving Iran.

"The government will implement export control measures to minimize the outflow of naphtha," the official said. "We are also considering additional steps necessary to stabilize the industrial supply chain."

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