South Korea, Australia strengthen energy security ties
· UPIApril 30 (Asia Today) -- South Korea and Australia agreed Thursday to strengthen energy security cooperation as instability in the Middle East increases risks to global energy supply chains.
South Korea's Ministry of Trade, Industry and Energy said the two countries issued the Australia-Republic of Korea Joint Statement on Energy Resource Security, reaffirming their commitment to strategic cooperation for stable supplies and supply chain resilience.
The statement was issued jointly by South Korean Foreign Minister Cho Hyun and Industry Minister Kim Jung-kwan, along with Australian Foreign Minister Penny Wong, Resources Minister Madeleine King and Climate Change and Energy Minister Chris Bowen.
The two countries said they share deep concern over the impact of rising tensions in the Middle East on energy resources and key raw materials markets. They reaffirmed that stable and reliable energy cooperation, based on open markets and a rules-based trade order, is central to both countries' economic security.
South Korea and Australia also emphasized their long-standing complementary energy relationship. Australia is South Korea's largest supplier of liquefied natural gas and a key supplier of condensate and critical minerals. South Korea is a major supplier of refined petroleum products to Australia and its largest supplier of diesel.
Under the joint statement, the two countries agreed to work together to strengthen energy supply chain resilience. They said they will cooperate closely to maintain stable, secure and reliable supplies of diesel and other liquid fuels, LNG and condensate, while strengthening mutual notification and consultations in the event of potential supply disruptions.
The South Korean government said the statement will help solidify the foundation for strategic cooperation between the two countries and support a stable resource supply system at a time of growing uncertainty in global energy markets.
-- Reported by Asia Today; translated by UPI
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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260430010009914