(Image: Yonhap)
SEOUL, Sept. 27 (Korea Bizwire) — With U.S. President Donald Trump continuing to push to implement policies to export liquefied natural gas (LNG), South Korea was found to be the largest importer of American LNG this year.
According to a recent report released by the U.S. Energy Information Administration (EIA), the total amount of LNG that was exported by the U.S. in the first half of this year was 491.7 billion cubic feet, an increase of 58.2 percent from the same period last year (310.8 billion cubic feet).
Of this amount, the total LNG exported to South Korea was 110.4 billion cubic feet, accounting for 22.5 percent of all LNG exports from the U.S. South Korea replaced Mexico as America’s largest importer of LNG, followed by China (61.9 billion cubic feet), Japan (44.2 billion cubic feet), and India (31.5 billion cubic feet).
The volume of American LNG imported by South Korea so far this year is nearly equivalent to the total imported last year. Compared to two years ago, imports of LNG have surged significantly.
Considering that the use of LNG traditionally peaks during the winter season, imports of LNG are expected to surpass 200 billion cubic feet this year.
Local energy experts say that American LNG may become a smarter alternative to oil as the price of American LNG is not dependent on the price of oil, unlike LNG produced in other countries.
The price of LNG produced in Asia has fluctuated around the $9 mark for the last few years, roughly three times more expensive than LNG produced in the U.S.
H. S. Seo (hsseo@koreabizwire.com)
