Korea Gas Corporation (KOGAS) said on the 26th that to respond to the Strait of Hormuz blockade, it will bring all of this year's equity LNG volumes from its ongoing liquefied natural gas (LNG) projects in Australia and Canada into Korea. Equity volume refers to the quantity brought in when a contract allows the company to take LNG output in proportion to KOGAS' invested equity in the project.
Korea Gas Corporation (KOGAS) secured 360,000 tons of LNG annually by investing 10% equity in Australia's Prelude project. Its equity investment in the LNG Canada project is 5%, which allows it to take 700,000 tons of equity volume annually. In total, 1.06 million tons of LNG per year can be controlled through KOGAS' equity investments.
Converted to vessels, 1.06 million tons per year corresponds to 11 LNG carriers. The LNG carried by one LNG carrier is about 75,000–78,000 tons, equivalent to Korea's daily LNG consumption in the summer season.
Korea Gas Corporation (KOGAS)'s equity volume is set to increase. When Coral North FLNG production in Mozambique starts in 2029, equity volume will rise by 320,000 tons, from 1.06 million tons to 1.38 million tons. If the Mozambique Rovuma project that KOGAS is currently reviewing and phase 2 of LNG Canada both materialize, KOGAS could secure 3.88 million tons per year in equity volume in 2031.
With the Strait of Hormuz currently blocked, prices of not only international crude but also LNG have soared. The Strait of Hormuz is only about 56 km wide, but before Iran's airstrike, it was a route for one-fourth of the world's seaborne oil shipments and one-fifth of LNG shipments.
However, Korea Gas Corporation (KOGAS) emphasized that there has been no disruption to LNG supply and demand as it has steadily pursued diversification of import sources and implemented a strategy to secure equity volumes that can be brought into Korea. After the war between Russia and Ukraine, KOGAS diversified LNG import sources from a Middle East focus to Oceania, Canada and the United States. As a result, the share of Middle Eastern LNG, which accounted for one-third of total domestic arrivals in 2024, fell to below 20% as of the end of 2025. In particular, Qatari volumes passing through the Strait of Hormuz dropped to 14%.
Choi Yeon-hye, president of Korea Gas Corporation (KOGAS), said, "What matters now is not simply securing a lot of LNG, but how much volume we can bring in stably even amid a crisis," adding, "KOGAS will continue to play a steadfast watchdog role responsible for Korea's energy security through agile responses and strategic stabilization of supply and demand."