Korea's LNG supply is 'stable' amid Israel-Hamas conflict, gov't says

Gasometers are installed on an exterior wall of a residential building in Jongno District, central Seoul. [NEWS1]

Korea is maintaining a steady supply of liquefied natural gas (LNG) and is preparing contingencies amid geopolitical uncertainties in the Middle East, the Industry Ministry said Tuesday.

"There have been concerns over the supply of gas following the Israel-Hamas incident amid the lingering war between Russia and Ukraine, but the supply currently remains stable," Ryu Peob-min, director general of the ministry's resources policy, said in a meeting with relevant authorities and businesspeople.

"However, in the event of further escalation in the Israel-Hamas situation, we cannot rule out its potential impact on the domestic supply. We are committed to remaining vigilant and thoroughly preparing for an emergency," he added.

In the meeting, the state-run Korea Gas Corporation noted that the country is maintaining LNG reserves at maximum capacity, with the supply anticipated to remain stable through the end of March.

The government plans to hold regular meetings with the state utility and other LNG importers to maintain a stable supply of the resource, the ministry added.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]