South Korea will triple its crude imports from Canada this year and boost LNG purchases from Canadian export projects in the coming years as the Asian economy looks to diversify energy supply amid the massive oil and gas supply shock in the Middle East.
Korea is ramping up imports of LNG from Canada, where the Korea Gas Corporation remains a key investor in LNG Canada Phase I and a prospective partner for Phase II. A final investment decision for Phase II is expected later this year, after recent progress was made by the Governments of Canada and British Columbia.
Once the decision is made and LNG Phase II enters full production — which is expected in the early 2030s —Korea plans to import at least 1.4 million tons of Canadian LNG annually for more than 30 years, the government of Canada said.
South Korea’s Industry Ministry, for its part, said that the Asian economy would more than triple imports of Canadian crude oil from 4.88 million barrels in 2025 to as much as 16 million barrels in 2026.