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South Korea, Japan Explore Energy, LNG Supply Cooperation Amid Global Uncertainty

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Japan and South Korea will deepen cooperation on energy security and supply-chain resilience, according to a press statement issued by the two major East Asian economies, following a meeting between Japanese Prime Minister Sanae Takaichi and South Korean President Lee Jae Myung on Tuesday.

The proposed measures include emergency crude oil swaps, petroleum product sharing and closer coordination on liquefied natural gas operations, as uncertainties continue to mount in global energy markets.

As part of the initiative, Japan's Ministry of Economy, Trade and Industry and South Korea's Ministry of Trade, Industry and Resources said they would encourage public-private dialogue aimed at facilitating cooperation during emergencies.

This comes following a memorandum signed between Japanese energy company JERA and Korea Gas Corp. in March, focusing on LNG operational optimization, which authorities said could serve as a foundation for broader cooperation.

"Recent instability in supply chains and energy markets stemming from the situation in the Middle East has further underscored the need for close cooperation between our two countries," Lee said in the statement, according to a Reuters report.

Japan's Takaichi also reaffirmed the importance of energy resilience and enhancing reserves in the Indo-Pacific, especially between the world's second and third largest LNG importers.

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