Gas Corporation Initiates Response to Natural Gas Supply Crisis Amid Iran Situation

[Image source=EPA Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Korea Gas Corporation announced on the 9th that it has established an emergency response system to manage the supply and demand of natural gas at its Middle East sites, including Iraq.

The Gas Corporation first held an internal crisis assessment meeting and then, at 6 p.m. on the 8th, issued a security crisis alert for its Middle East sites and activated the headquarters situation room. Iraq was placed on "Alert," while Oman and Qatar were placed on "Watch."

From 9:40 a.m. that day, an emergency countermeasure meeting regarding the Iran situation was held under the chairmanship of President Chae Hee-bong, who formed an emergency response team consisting of 12 departments across five sectors, including supply and demand, with the president as the team leader.

President Chae said, "The Middle East region accounts for about 40% of the natural gas imported into the country and is a major supply source. We have been closely monitoring changes in the situation and preparing for emergencies. Moving forward, we will strengthen cooperation with the Ministry of Trade, Industry and Energy and related industries to ensure the stability of natural gas supply and demand."

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