South Korea, Australia Agree to Strengthen Energy Supply Chain Resilience, Seoul Says
The two governments will notify each other on potential disruptions and back open trade as Middle East conflict pressures fuel markets.
- On Thursday, South Korean Foreign Minister Cho Hyun and Australian Foreign Minister Penny Wong met in Seoul, pledging to strengthen cooperation to ensure stable supplies of diesel and other energy resources amid Middle East disruptions.
- The Iran conflict, which escalated after February 28, effectively shut the Strait of Hormuz. South Korea imports 70 per cent of its crude oil from the Middle East, with more than 95 per cent passing through the strait.
- Australia serves as South Korea's largest liquefied natural gas supplier, while South Korea provides Australia with refined petroleum products and diesel, forming a critical economic partnership.
- Following the talks, Cho and Wong committed to "notify and consult each other on any potential disruptions as far as practicable." Energy Minister Kim Jong-kwan participated in the discussions.
- Wong is conducting a three-country tour including Japan and China to coordinate regional energy security. In Beijing on Wednesday, she secured Chinese cooperation on jet fuel shipments, describing the effort as "an important step" toward stabilizing liquid fuel supplies.
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16 Articles
Reliable S. Korea-Australia energy supply vital amid 'disproportionate' Middle East impact: Australian FM
SEOUL- Australian Foreign Minister Penny Wong has called for stronger energy security cooperation with South Korea amid the uneven impact of the ongoing Middle East crisis on the Asia-Pacific region, saying the two countries should continue to serve as reliable energy suppliers for each other.
South Korea and Australia have agreed to work together to strengthen energy supply chain resilience and to maintain stable, safe and reliable supply of energy resources, including diesel and LNG, South Korea's Foreign Ministry said on Thursday.
Australia and South Korea Unite for Energy Security
South Korea and Australia have announced their commitment to collaborate on enhancing energy supply chain resilience. The partnership will focus on maintaining reliable energy resource supplies, including diesel and LNG. This initiative was highlighted during Australian Foreign Minister Penny Wong's visit to Seoul, emphasizing mutual dependency in energy resource supply.
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