“South Korea relies on imports to meet about 97% of its energy demand as a result of insufficient domestic resources, and the country is one of the world’s leading energy importers. The U.S. Energy Information Administration (EIA) estimates that South Korea was the world’s ninth-largest energy consumer in 2011. Korea is one of the top energy importers in the world and relies on fuel imports for about 97% of its primary energy demand because the country lacks domestic energy reserves. In 2013, the country was the second-largest importer of liquefied natural gas (LNG), the fourth-largest importer of coal, and the fifth-largest net importer of total petroleum and other liquids. South Korea has no international oil or natural gas pipelines and relies exclusively on tanker shipments of LNG and crude oil. Despite its lack of domestic energy resources, South Korea is home to some of the largest and most advanced oil refineries in the world. In an effort to improve the nation’s energy security, oil and gas companies are aggressively seeking overseas exploration and production opportunities.”
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