Japan, S. Korea to launch new energy cooperation framework

Andong [Japan], May 20: Japanese Prime Minister Sanae Takaichi and South Korean President Lee Jae Myung agreed Tuesday to deepen energy cooperation by ensuring supplies of crude oil, petroleum products and liquefied natural gas for both countries as heightened Middle East tensions raise the need for closer bilateral ties, Kyodo News reported.
Japan and South Korea will set up a policy dialogue to pursue specific areas of energy cooperation, while the Asian neighbors will jointly work to secure robust supply chains for critical minerals, Takaichi said after meeting with the president in Andong in southeastern South Korea, Lee's hometown.
Speaking at a joint event with Takaichi after their summit, Lee said the possibilities for bilateral cooperation are "limitless." He added it is essential for South Korea, China and Japan to "respect one another, cooperate and pursue shared interests" for genuine peace and stability in the region.
Under the envisaged Japan-South Korea policy dialogue scheme, they would focus on two pillars -- cooperating on securing strategic oil reserves for the Indo-Pacific region, and mutually providing petroleum products and LNG from their stockpiles in case of emergency -- Japanese government officials told reporters.
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, according to the officials. South Korea is also participating in the framework.
Source: Emirates News Agency