Japan & South Korea facing natural gas supply difficulties due to decreased supply
12 Aug 2022 16:49 reported by Huda Chen
Japan and South Korea are facing supply difficulties of natural gas due to the decreased supply. Asian gas prices are surging sharply in response to strong demand from European countries.
Both Japan and South Korea are countries that are highly dependent on energy imports. In order to meet the demand for gas in winter, Japan and South Korea will have gas replenishment actions after entering the third quarter in previous years. However, Japan and South Korea had previously announced the transfer of some LNG to aid the EU in March and April this year, respectively. As a result, Japan and South Korea’s LNG imports in the first half of 2022 fell by 1% and 3% year on year.
As Europe has imposed comprehensive sanctions on Russian energy and greatly reduced its purchases of Russian natural gas, a shortage of natural gas supply in the market is inevitable.
Back to Steel News