Japan and South Korea Pledge Energy and Security Cooperation
Japan and South Korea have pledged closer cooperation on energy and security. This was their 4th meeting in 6 months.
The two countries have long had strained relations. But frequent high-level meetings show a push to strengthen ties.
The summit was held in Andong, South Korea. Japan's Prime Minister Sanae Takaichi met South Korean President Lee Jae Myung there.
Leaders said global tensions made cooperation more urgent. The ongoing Iran war was a key concern.
A blockade of the Strait of Hormuz has disrupted oil and gas supplies to both nations. Both countries rely heavily on imports like naphtha and crude oil.
They agreed to stockpile LNG and crude oil together. They also agreed on petroleum product swap deals. Japan proposed a $10 billion regional energy aid plan called POWERR Asia.
Key Terms 4
- Strait of Hormuz A narrow sea passage through which much of the world's oil travels
- LNG Liquefied natural gas — gas cooled to liquid form for easier transport
- Naphtha A fuel and chemical ingredient made from crude oil
- POWERR Asia Japan's proposed $10 billion energy aid plan for Asian countries