South Korea sees 2008 energy imports up 15.4 pct

SEOUL, Jan 2 (Reuters) - 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.

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.

South Korea, heavily dependent on foreign energy sources, is the world's fifth-largest crude buyer.

Crude imports by quantity are expected to rise by a slower 2.7 percent to 909 million barrels this year from 885.4 million barrels in 2007, it said.

In value, oil products imports are expected to jump 33.3 percent to $15.94 billion and LNG imports by 31.6 percent to $17.32 billion, the ministry added. (Reporting by Yoo Choonsik; Editing by Sei Chong)