Seoul ranks 103rd in energy security among 129 nations

South Korea has ranked 103rd in energy security among 129 countries due to growing dependence on energy imports and slowing overseas energy developments, a report showed Tuesday. According to the report by the World Energy Council (WEC), an alliance of over 90 countries that provides information and resources on all aspects of energy, South Korea's energy security ranking fell 14 notches this year from 89th in 2012. Energy security refers to the uninterrupted availability of energy sources at an affordable price. South Korea's energy equity representing the accessibility and affordability of energy supply across the population fell 17 notches to 49th from 32nd mainly due to rising oil prices. The country's environmental sustainability, the development of energy supply from renewable and other low-carbon sources, rose to 85th from 86th. The figures resulted from the WEC's 2013 Energy Sustainability Index ranking countries in terms of their ability to offer sustainable energy policies via energy security, energy equity and environmental sustainability. The index of South Korea ranked 85th, dropping 13 notches this year compared with last year. Switzerland took the No. 1 ranking in the index, followed by Denmark, Sweden, Austria and Britain. The 22nd World Energy Congress opened on Sunday for a five-day run in Daegu, 302 kilometers southeast of Seoul. The report said that South Korea has to make polices to expand cooperation with natural resource-rich countries and steadily invest in the renewable energy sector in a bid to get through energy supply shortages. The energy conference in Daegu drew about 6,000 people from 110 countries, including 57 ministers and vice ministers and energy business leaders, such as Royal Dutch Shell CEO Peter Voser. Later Tuesday, Voser paid a visit to South Korean President Park Geun-hye. "I think it is meaningful that the World Energy Congress convened in South Korea at a time when Asia's importance is growing in the world economy and energy demands from Asia are also surging," Park said during the meeting. Park said she took note of Voser's keynote speech at the conference, in which he said natural gas is an alternative that can cope with sharply changing energy demands while minimizing the environmental impact at the same time. "South Korea cares a lot about energy security. We are also highly interested in LNG (liquefied petroleum gas) that is touted as clean energy," Park told the Shell CEO, adding that she is pleased that cooperation is going well between the global energy giant and Korea Gas Corp. (KOGAS).