Japan and South Korea launch new energy cooperation framework

Japan and South Korea agreed Tuesday to launch a new energy cooperation framework and establish a policy dialogue on supply security, according to Kyodo News. Japanese Prime Minister Sanae Takaichi and South Korean President Lee Jae Myung said they will deepen cooperation on crude oil, petroleum products and liquefied natural gas.

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The meeting took place in Andong in southeastern South Korea, Lee's hometown. Takaichi said the two countries will jointly work to secure robust supply chains for critical minerals.

Lee told a joint event that the possibilities for bilateral cooperation are "limitless." Under the envisaged Japan-South Korea policy dialogue scheme, officials said the two sides would focus on two pillars: cooperation on securing strategic oil reserves for the Indo-Pacific region, and mutual provision of petroleum products and LNG from stockpiles in case of emergency. Japanese government officials told reporters the arrangement is aimed at specific areas of energy cooperation.

The officials also said Japan and South Korea will seek cooperation and provide assistance under a Tokyo-led framework announced in April to extend financial support worth around $10 billion to help other Asian countries secure crude oil supplies. South Korea is also participating in that framework.

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Lee said it is essential for South Korea, China and Japan to "respect one another, cooperate and pursue shared interests" for peace and stability in the region.

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