South Korea and Japan have reached an agreement to increase collaboration on liquefied natural gas (LNG) and crude oil supplies. The announcement followed a meeting in Andong between President Lee Jae Myung and Prime Minister Sanae Takaichi, as both countries look to enhance stability in their energy imports.
The accord includes plans to develop joint stockpiles and facilitate swaps of petroleum products, with the leaders highlighting the need to reinforce their energy supply networks. This move comes as ongoing conflict in the Gulf region continues to affect the reliability of energy imports for both nations.
In a joint statement, Takaichi detailed elements of the “Power Asia” framework, an initiative led by Japan, that aims to bolster the resilience of energy supply across the Indo-Pacific. The project focuses on financial assistance to secure oil and petroleum products, with Tokyo and Seoul agreeing to explore concrete measures such as increasing reserves and improving supply chain security.
Both sides also confirmed intentions to continue working closely on security issues, including coordination with the United States, to address threats from North Korea and broader regional challenges.
The summit in Andong forms part of a sequence of bilateral visits aiming to strengthen diplomatic and economic ties. This visit reciprocates a previous meeting in Nara, reflecting ongoing efforts to prioritize economic security and technological collaboration over historical disagreements.
