South Korea Implements Multiple Measures to Stabilize Supply: Replacing Qatari LNG, Boosting Nuclear Power, and Reducing Coal Power

Affected by the situation in the Middle East, South Korea's Ministry of Finance announced a package of measures to stabilize energy and people's livelihoods. The country will freeze utility prices, with export controls on naphtha products taking effect at midnight on Friday, prioritizing the supply of domestic petrochemical raw materials.

To alleviate pressure on natural gas supply, South Korea will seek alternative sources of liquefied natural gas to replace Qatar's LNG shipments. At the same time, it will increase support for people's livelihoods, with gasoline fuel tax cuts raised to 15% and diesel to 25%.

In terms of energy structure, South Korea will increase the operational utilization of nuclear power plants and gradually phase out coal-fired power capacity, taking multiple measures to ensure energy security and economic stability.