QatarEnergy's Force Majeure: South Korea's LNG Shift
Johannesburg News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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QatarEnergys force majeure on LNG contracts to South Korea, China, Italy, and Belgium, due to Iranian attacks, could last up to five years. South Korea, the worlds third-largest LNG importer, relies heavily on the fuel for power, manufacturing, and heating. Despite having ample stockpiles, the country plans to shift away from gas-fired power and increase coal and nuclear output. Lawmakers aim to lift coal power limits, expedite nuclear reactor maintenance, and bring a new nuclear plant online. Analysts suggest South Korea can easily replace Qatari supplies through spot market buys, as its less price-sensitive than other buyers.
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