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South Korea Announces Domestic Energy Policy

ENERGY SECURITY

South Korea unveiled plans today to cuts its reliance on fossil fuel energy while boosting domestic storage.

  • The country is aiming to cut its dependence on fossil fuels to 70% by 2030, compared with 81.1% in 2021.
  • Nuclear power will increase from 27.1% of the power mix in 2021 to 30% by 2030.
  • The country is aiming to expand its strategic oil reserves to over 100 million barrels in 2025 from 96.5 million barrels currently.
  • The government will continue to grant freight incentives to local oil refiners purchasing crude oil from regions other than the Middle East to reduce the heavy reliance on Persian Gulf crude.
  • South Korea also will increase its LNG storage capacity to 18.4 million kiloliters by 2034 from 13.69 million kiloliters currently.
  • South Korea will “cautiously” seek to reduce coal fired power, replacing them with LNG based generators.
Political RiskCommoditiesPolitical Risk BulletEnergy Bullets
Political RiskCommoditiesPolitical Risk BulletEnergy Bullets

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