S. Korea's oil dependency to fall below 40 pct in 2011

SEOUL, Feb. 23 (Yonhap) -- South Korea's dependency on oil is likely to decline
steadily in coming years and fall below 40 percent of the nation's energy needs
in 2011, a report said Monday.

The nation's dependency on oil fell to the 40 percent range for the first time in
2003 and is likely to enter into the 30 percent range in 2011, said the report
realsed by the state-run Korea Energy Economics Institute.
Oil is expected to account for 41.9 percent of South Korea's energy demand this
year, with its demand likely to reach 759.1 million barrels, down 1.2 percent
from a year ago, the report said.
"It is hard to expect a rise in demand for oil in the first half of the year due
to the continued global economic slowdown and rising oil prices will likely to
put a cap on oil demand increase," the report said.
Meanwhile, the nation's demand for coal, used to produce electricity, has risen
sharply.
Coal dependency is forecast to rise to 28.2 percent this year, from 25.2 percent
in 2007, the report said.
Nuclear energy dependency is predicted to fall to 13.4 percent this year from
13.6 percent a year ago, and liquefied natural gas dependency will be lowered to
13.4 percent from 14. 1 percent, it added.
ksnam@yna.co.kr
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