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    A036460   KR7036460004

KOREA GAS CORPORATION

(A036460)
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End-of-day quote Korea Stock Exchange  -  2022-08-11
40850.00 KRW   +5.28%
08/11Korea Gas Swings to Profit in June Quarter
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08/08Matrix Service, Korea Gas to Collaborate in Developing Hydrogen Storage Technology
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08/01Australia considers curbing gas exports to avert domestic supply crunch
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S.Korea to lift nuclear share of energy mix to 30% by 2030 from 27% last year

07/04/2022 | 10:47pm EDT

SEOUL, July 5 (Reuters) - South Korea plans to increase the contribution of nuclear power in the country's energy mix to 30% or more by 2030 from 27% in 2021, the industry ministry said on Tuesday, pledging to resume stalled construction work on two reactors.

South Korea's new president, Yoon Suk-yeol, has rejected the idea of phasing out nuclear energy and made it a key pledge of his campaign to boost investment in the industry and revive its status as a key exporter of safe reactors.

The U-turn in Asia's fourth-largest economy towards a pro-nuclear energy policy comes after Yoon won the March presidential election by the smallest margin in South Korea's democratic history.

The previous Seoul administration sought to reduce the role of nuclear power in the wake of Japan's Fukushima disaster in 2011, which triggered a global downturn in the nuclear power industry.

The ministry said on Tuesday South Korea will resume construction work on two new reactors, Shin Hanul 3 and 4, and extend the operations of existing reactors.

While boosting the role of nuclear energy, the country plans to reduce its reliance on fossil fuel imports from 81.8% in 2021 to around 60% by 2030, the ministry said.

"As the global carbon neutrality trend continues and global energy supply chain instability increases due to the Russia-Ukraine crisis and other factors, the role of energy policy in achieving energy security and carbon neutrality goals is more important than ever," it said in a statement.

Meanwhile, the ministry will also revisit the previous administration's renewable energy goals, and decide on new targeted portions for solar and wind power.

Renewable energy's share in the country's energy mix will be "realistically adjusted to below 30%" by 2030, an industry ministry official told Reuters, compared with 6.3% last year, and the previous administration's lofty 2050 projection of 60.9-70.8%. He declined to be identified as he was not authorized to speak to media.

Coal will be "reasonably" reduced, while keeping supply-and-demand conditions in consideration, the ministry added.

South Korea is the world's fourth-largest oil importer after China, India and Japan, according to state-run Korea National Oil Corp (KNOC), while its state-run Korea Gas Corp (KOGAS) is the world's largest single corporate buyer of liquefied natural gas (LNG), according to a KOGAS spokesperson. (Reporting by Soo-hyang Choi, Joyce Lee and Byungwook Kim; Editing by Christopher Cushing and Kenneth Maxwell)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
KOREA GAS CORPORATION 5.28% 40850 End-of-day quote.4.48%
LONDON BRENT OIL -1.47% 97.84 Delayed Quote.27.42%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INC. -0.20% 499 Delayed Quote.68.01%
WTI -2.31% 91.866 Delayed Quote.24.73%
All news about KOREA GAS CORPORATION
08/11Korea Gas Swings to Profit in June Quarter
MT
08/08Matrix Service, Korea Gas to Collaborate in Developing Hydrogen Storage Technology
MT
08/01Australia considers curbing gas exports to avert domestic supply crunch
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07/06Fitch Affirms KEPCO at 'AA-'; Outlook Stable
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07/05Japan, S. Korea buyers not yet asked to pay roubles for Russian LNG imports
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07/04S.Korea to lift nuclear share of energy mix to 30% by 2030 from 27% last year
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Financials
Sales 2022 45 343 B 34,8 B 34,8 B
Net income 2022 996 B 0,76 B 0,76 B
Net Debt 2022 29 385 B 22,5 B 22,5 B
P/E ratio 2022 3,73x
Yield 2022 5,62%
Capitalization 3 506 B 2 687 M 2 687 M
EV / Sales 2022 0,73x
EV / Sales 2023 0,78x
Nbr of Employees -
Free-Float 43,8%
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Mean consensus BUY
Number of Analysts 8
Last Close Price 40 850,00 KRW
Average target price 58 500,00 KRW
Spread / Average Target 43,2%
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Managers and Directors
Hee-Bong Chae President, Chief Executive Officer & Director
Yeong-Gyu Seong Director, VP & Head-Technology
Eui-Hyeon Kim Independent Director
Hong-Bok Ahn Independent Director
Soo-Yi Kim Independent Director
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