{"id":2203437,"date":"2024-01-15T08:00:01","date_gmt":"2024-01-14T23:00:01","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203437"},"modified":"2024-01-14T21:22:39","modified_gmt":"2024-01-14T12:22:39","slug":"south-korea-maintains-oil-lng-stability-amid-middle-east-tensions","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/01\/south-korea-maintains-oil-lng-stability-amid-middle-east-tensions\/","title":{"rendered":"South Korea maintains oil, LNG stability amid Middle East tensions"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The South Korean Ministry of Trade, Industry and Energy (MOTIE) <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCLa3d66de4c\/168468\/view?mno=&amp;pageIndex=1&amp;categoryList=%5Bkr.go.motie.site.module.category.MecCategoryVo%403ad71c0c%2C+kr.go.motie.site.module.category.MecCategoryVo%40727602%5D&amp;rowPageC=0&amp;displayAuthor=&amp;searchCategory=1&amp;schClear=on&amp;startDtD=&amp;endDtD=&amp;searchCondition=1&amp;searchKeyword=\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> on Friday that there were no disruptions in crude oil and liquified natural gas (LNG) imports despite rising tensions in the Middle East. This update follows an emergency meeting prompted by U.S. and coalition <\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/01\/11\/statement-from-president-joe-biden-on-coalition-strikes-in-houthi-controlled-areas-in-yemen\/\"><span style=\"font-weight: 400;\">airstrikes<\/span><\/a><span style=\"font-weight: 400;\"> on Yemeni Houthi rebel bases and Iran\u2019s <\/span><a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/uk-shipping-authority-receives-report-vessel-boarded-by-armed-persons-off-oman-2024-01-11\/\"><span style=\"font-weight: 400;\">seizure<\/span><\/a><span style=\"font-weight: 400;\"> of a Marshall Islands-flagged oil tanker.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the meeting, which involved state-run operators and major oil refiners, the ministry maintained that oil tankers and transport ships near the Middle East continued to operate normally. MOTIE underscored the importance of vigilant communication within the industry to prevent potential energy supply crises.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">MOTIE <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20231121001400320?section=search\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> in November the country\u2019s commitment to maintaining a stable supply of LNG in response to the escalating conflict between Israel and Hamas. The policy of holding regular meetings with state-run energy companies, such as Korea Gas Corp. (KOGAS), and other LNG importers, as announced in Friday\u2019s report, to ensure a stable supply is a continuation of this policy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The potential intensification of hostilities between coalition forces and Houthi rebels in the Red Sea region poses significant risks to South Korean consumers and the country\u2019s financially beleaguered energy firms. In a preemptive move to mitigate these risks, the South Korean government and the ruling People Power Party agreed to <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20240114001200315?section=national\/politics\"><span style=\"font-weight: 400;\">extend an electricity rate freeze<\/span><\/a><span style=\"font-weight: 400;\"> for 3.65 million households, particularly those most vulnerable. Parliamentary elections are set for April 10. A critical aspect of this scenario is the financial health of KOGAS, whose debt-to-equity ratio reportedly reached <\/span><a href=\"https:\/\/www.segye.com\/newsView\/20231005510593\"><span style=\"font-weight: 400;\">500%<\/span><\/a><span style=\"font-weight: 400;\"> last year. An escalation in the Red Sea conflict disrupting energy supplies and driving up prices could further strain the already precarious financial standing of South Korea\u2019s state-run energy companies.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/defense-security\/\"><span class=\"tag\">Defense &amp; Security<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>The South Korean Ministry of Trade, Industry and Energy (MOTIE) reported on Friday that there were no disruptions in crude oil and liquified natural gas (LNG) imports despite rising tensions in the Middle East. This update follows an emergency meeting prompted by U.S. and coalition airstrikes on Yemeni Houthi rebel bases and Iran\u2019s seizure of [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2203438,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,26,27,28],"class_list":["post-2203437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-defense-security","tag-domestic-politics","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea maintains oil, LNG stability amid Middle East tensions - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/01\/south-korea-maintains-oil-lng-stability-amid-middle-east-tensions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea maintains oil, LNG stability amid Middle East tensions - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"The South Korean Ministry of Trade, Industry and Energy (MOTIE) reported on Friday that there were no disruptions in crude oil and liquified natural gas (LNG) imports despite rising tensions in the Middle East. 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