South Korea sees 2008 energy imports up 15.4 pct

South Korea will likely pay nearly one-sixth more in importing oil and other energy sources this year than it spent last year mainly because of higher prices, the Ministry of Commerce, Industry and Energy said on Wednesday.

The ministry said in a statement energy imports by the world’s ninth-largest oil consumer would grow 15.4 percent to $104.78 billion this year after a 6.1 percent rise in 2007, led by oil products and liquefied natural gas would, in turn, raise food prices.
Crude oil imports, which account for more than 60 percent of the country’s total energy imports in value, will probably grow 7.8 percent to $64.72 billion this year as the import price per barrel is expected to jump 5 percent, it said.

Reuters