Seoul, South Korea. South Korean authorities said on Friday that Iranian attacks on Qatar’s energy facilities have increased uncertainty but are unlikely to disrupt South Korea’s liquefied natural gas supply due to alternative sourcing options and existing inventories.
QatarEnergy declares force majeure on contracts
State-owned QatarEnergy said it will have to declare force majeure on long-term contracts for up to five years for LNG supplies bound for Italy, Belgium, South Korea, and China after the Iranian attacks knocked out 17% of LNG export capacity.
South Korea’s LNG exposure to Qatar
South Korea is the world’s third-largest LNG importer after China and Japan, using gas for power generation, manufacturing and heating. Last year, it imported 47.77 million metric tons of LNG, including 7.16 million metric tons from Qatar, according to data from analytics firm Kpler.
Qatar is South Korea’s third-biggest LNG source after Australia and Malaysia.
Government and KOGAS assess supply readiness
“Given that the share of imports from Qatar is relatively low (at around 14% in 2026) and alternative supply sources are available, there are no issues regarding gas supply and demand,” South Korea’s Industry Ministry said in a statement, without elaborating on the alternative sources.
“However, as uncertainty has been growing, we plan to closely monitor supply, demand, and price trends and respond accordingly.”
State-run Korea Gas Corp (KOGAS) said on Friday it has LNG inventory levels exceeding mandatory reserve requirements. “KOGAS has sufficient capabilities to respond to supply and demand crises,” it said in a statement.
Planned power generation adjustments
The government would prioritise managing LNG supplies by increasing coal and nuclear output while reducing reliance on gas-fired power generation, Democratic Party lawmaker Ahn Do-geol said earlier this week.
Gas-fired power made up 27% of the country’s electricity output in 2025, with the rest mostly from coal, nuclear and renewables.
Limits capping coal power output would be lifted, Ahn said, while maintenance work at six nuclear reactors would be completed early to boost nuclear utilisation.
How do you expect South Korea’s energy mix to change if LNG supply uncertainty persists?