South Korea imported 326,000 tons of liquefied natural gas from Russia in September, reaching its highest monthly volume since November 2021 as Russian shipments replaced lost volumes from Qatar, according to TASS.
According to data from the South Korea Customs Service cited by Russia’s state-run TASS news agency, the September imports from Russia were valued at $250 million. This volume marks the largest monthly total since the war in Ukraine began in February 2022.
Middle East Conflict Triggers Supply Shifts
The surge in Russian energy imports followed supply disruptions caused by conflict in the Middle East.
South Korea's liquefied natural gas (LNG) reserves are indeed sufficient for about nine days, highlighting the country's reliance on imports to meet its energy demands. To address this, the government plans to expand natural gas storage facilities by 1.08 million kiloliters,…
Qatar, previously a primary supplier to South Korea, suspended operations at its LNG production facilities in early March after Iranian airstrikes, and state-owned QatarEnergy subsequently declared force majeure, bringing Qatari gas shipments to a complete halt.
September Import Totals and Global Sources
Total South Korean LNG imports in September reached 3.56 million tons, valued at $3 billion. That figure represents an 8% decline compared to the same month last year, but a 14% increase from August.
Australia topped the list of providers by delivering 1.33 million tons, coming after the United States with 436,000 tons, Canada at 426,000 tons, Malaysia with 414,000 tons, and Peru supplying 203,000 tons. South Korea also brought in 165,000 tons of re-exported gas from China and 123,000 tons from Indonesia as part of wider diversification efforts, Financial News reported.
Year-to-Date Trends and Cumulative Totals
Despite the September spike, cumulative imports for the year are trending downward.
From January through September, South Korea’s total LNG imports fell 6.4% year-on-year to 32.9 million tons, with a total value of $20.6 billion. Russian LNG imports over the same nine-month period dropped 12.7% compared to the previous year, totaling 1.41 million tons worth about $853 million.
Russian Infrastructure and Western Scrutiny
Key production sites operated by Russia feature the Far Eastern Sakhalin-2 project along with Yamal LNG situated on the Arctic coastline. Other installations, such as the U.S.-sanctioned Arctic LNG-2 and Gazprom LNG Portovaya in the Baltic Sea, face intense Western scrutiny.
Upcoming Sanctions and Energy Exemptions
The European Union and the United Kingdom plan to implement a full ban on shipping and insurance services for Russian LNG starting in January as part of ongoing sanctions.
However, both regions agreed to exempt volumes imported under existing long-term contracts until March 31, 2028, to maintain energy supply stability for South Korea and Japan.
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