Korea, Japan to Enhance Energy Security Cooperation, Pursue Mutual Oil and Product Support

South Korea and Japan will establish a cooperation system to support each other in the event of energy supply and demand issues. The two countries discussed measures to provide necessary supplies to each other if difficulties arise in sourcing crude oil or petroleum products from a specific country. This aims to stably manage the energy supply chain and maintain a robust logistics network by smoothly procuring and transporting essential supplies during crises. Cooperation on liquefied natural gas (LNG) supply and demand will also be strengthened.

South Korean Minister of Trade, Industry and Energy Kim Jeong-sik and Japanese Vice Minister of Economy, Trade and Industry Ryosei Akazawa discussed cooperation measures for supply chains and resource security, key agenda items between the two nations, during a video conference. This discussion aims to expand joint response capabilities for supply chain crises, based on the 'Korea-Japan Supply Chain Partnership.' Both countries shared a consensus on the need to strengthen cooperation in energy security and supply chain resilience amidst escalating uncertainty.

Through Japan's proposed 'Partnership for the Enhancement of Asian Energy and Resource Supply Chains (POWERR Asia)' initiative, joint cooperation measures will be explored in various areas, including stockpiling. The two countries will advance government-level cooperation based on the LNG supply and demand cooperation agreement between Korea Gas Corporation and Japanese energy company JERA. To materialize follow-up measures from discussions between the leaders, concrete cooperation plans will be jointly sought. To this end, South Korea's Ministry of Trade, Industry and Energy and Japan's Ministry of Economy, Trade and Industry plan to launch a 'Korea-Japan Industrial and Trade Policy Dialogue' involving high-level officials to regularize government-level discussions and develop practical cooperation measures.