April 6 (Bloomberg) -- Australia has scope to increase exports of uranium and liquefied natural gas to South Korea and gain from demand for cleaner energy, Resources and Energy Minister Martin Ferguson said.

Australia would be “delighted” to increase uranium supplies to South Korea, which, as a signatory of the Nuclear Non-Proliferation Treaty, meets its requirements for exports, Ferguson said today in Seoul, according to speech notes e-mailed to Bloomberg News. Expanded LNG supply could come from either the North West Shelf region, the Northern Territory or eastern Australia’s coal-seam gas-based industry, he said.

South Korea, which imports 97 percent of its energy requirements, said in December it plans to increase the number of nuclear power plants to 32 by the end of 2022 from 20 now. Its 2008-2030 energy plan also signals expanded LNG storage and construction of 19 thermoelectric power plants, Ferguson said.

“Korea’s timing couldn’t be better,” Ferguson said in the address to the Australian Chamber of Commerce in Seoul. “Australia’s uranium production capacity is expected to double in the period to 2015.”

Three or four uranium projects under consideration in the Northern Territory, Western Australia and South Australia should fill any gap caused by delays to BHP Billiton Ltd.’s Olympic Dam expansion caused by the global financial crisis, Ferguson said.

Australia’s planned expansion in LNG supply is “very important” for South Korea, said Ferguson, who held talks yesterday with Choo Kang Soo, president of Korea Gas Corp., the world’s biggest buyer of the fuel. Chevron Corp., Japan’s Inpex Corp. and BG Group Plc are among companies planning to build LNG plants in Australia.

Energy department officials will visit South Korea to encourage companies to take up exploration opportunities in Australia when new offshore petroleum acreage permits are released for bids in June, he said.

South Korea imports about A$14 billion ($10 billion) of products from Australia, including almost A$2.4 billion of crude oil, A$2.4 billion of coal and A$2.1 billion of iron ore, Ferguson said.

To contact the reporter on this story: Angela Macdonald-Smith in Sydney at amacdonaldsm@bloomberg.net

Last Updated: April 6, 2009 03:20 EDT