South Korean President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi agreed Tuesday to pursue cooperation on swaps and mutual supplies of crude oil and petroleum products, Cheong Wa Dae said.
The agreement, reached during their summit in Lee’s hometown of Andong, North Gyeongsang Province, expands the two countries’ energy security agenda beyond their existing cooperation on liquefied natural gas swaps.
Lee and Takaichi discussed global issues, including the conflict in the Middle East, supply chains and energy security, during a closed-door small-group meeting attended by key aides, according to senior presidential spokesperson Kang Yu-jung.
“The two leaders agreed to expand cooperation between the two countries to ensure stable supplies of key energy sources, including crude oil and LNG,” Kang said.
“Detailed implementation measures to strengthen LNG supply cooperation and supply chain resilience — including swaps and mutual supply of crude oil and petroleum products, as well as cooperation in crude oil procurement and transportation — will be discussed and announced by the two countries’ industrial authorities,” Kang added.
