South Korea imported 326,000 tons of Russian liquefied natural gas (LNG) in September, valued at $250 million, reaching its highest monthly volume since November 2021, BigGo Finance reported. The sharp rise in shipments from Russia compensated for lost supply from Qatar after Middle East conflict forced production halts, according to customs data cited by Russia’s state-run TASS news agency.
Customs Data Shows Highest Russian LNG Volume Since February 2022
Data from the Korea Customs Service shows the September volume marks the largest import total from Russia since the war in Ukraine broke out in February 2022. Total South Korean LNG imports for September reached 3.56 million tons worth $3 billion. That figure represents an 8% decline compared to the same month last year, but a 14% increase from August, according to TASS.
To offset the sudden supply shortfall, South Korea turned to several alternative markets. Australia supplied 1.33 million tons, making it the largest partner for the month. The United States provided 436,000 tons, Canada shipped 426,000 tons, and Malaysia delivered 414,000 tons. Additional volumes included 203,000 tons from Peru, 165,000 tons re-exported from China, and 123,000 tons from Indonesia, as reported by en.fnnews.com.
Middle East Conflict Triggers Qatari Production Halt
The import shift began when Qatar, historically a primary gas supplier to South Korea, suspended operations at its LNG production facilities following Iranian airstrikes in early March. State-owned energy company QatarEnergy subsequently declared force majeure on supplies, bringing Qatari shipments to South Korea to a complete halt, BigGo Finance noted.
Despite the September surge, cumulative figures for the year show a downward trajectory. South Korea’s total LNG imports from January through September fell 6.4% year-on-year to 32.9 million tons, valued at approximately $20.6 billion. Russian imports over that same nine-month period dropped 12.7% to 1.41 million tons, worth about $853 million, according to TASS.
Europe Exempts Long-Term Contracts from Russian LNG Bans to Protect Energy Stability
Russia continues to run major production sites such as Sakhalin-2 in the Far East and Yamal LNG on the Arctic coast. Other facilities face heavy Western pressure, including the U.S.-sanctioned Arctic LNG-2 project and Gazprom LNG Portovaya on the Baltic Sea.
The European Union and the United Kingdom plan to enact a full ban on shipping and insurance services for Russian LNG starting next January. However, both regions agreed to exempt LNG imports under existing long-term contracts until March 31, 2028, to maintain energy stability for South Korea and Japan. En.fnnews.com confirmed that domestic supplies in South Korea face no immediate disruptions under these exemptions.
Frequently Asked Questions About South Korea LNG Imports
How much did South Korea pay for Russian LNG in September?
South Korea imported 326,000 tons of Russian LNG valued at $250 million, according to Korea Customs Service data cited by TASS.
Which country supplied the most LNG to South Korea in September?
Australia was the leading supplier, providing 1.33 million tons out of South Korea’s total 3.56 million tons of imported LNG.
Why did Qatari LNG shipments stop?
QatarEnergy declared force majeure and halted operations at its production facilities following Iranian airstrikes in early March.
When do EU and UK sanctions on Russian LNG transport take effect?
The full ban on shipping and insurance services is scheduled to start next January, with an exemption running until March 31, 2028, for existing long-term contracts destined for South Korea and Japan.
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