Korea, Japan agree to strengthen oil, LNG cooperation against energy crisis

President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi agreed to strengthen cooperation on supply chains, including crude oil and liquified natural gas (LNG), during a bilateral summit in Lee’s hometown of Andong, North Gyeongsang Province, Tuesday. The agreement was reached as the two neighbors are deepening bilateral ties through continued summit diplomacy, amid heightened global energy security risks stemming from the U.S. war on Iran. “We agreed that close bilateral cooperation is needed more than ever amid the instability in supply chains and energy markets arising from the recent situation in the Middle East,” Lee said in a joint press statement after the summit. The president went onto say that the two countries, based on this shared understanding, “resolved to further expanding our bilateral supply chain cooperation.” Takaichi proposed that Korea and Japan deepen cooperation on resource and supply chain with other Asian countries facing supply chain crises, to which Lee expressed agreement and support. The Seoul-Tokyo cooperation will build on their review of

Original source: Korea Times