South Korea and Australia agree to enhance cooperation on stable energy supplies
Seoul, April 30
Top diplomats of South Korea and Australia held talks Thursday and agreed to enhance cooperation to ensure stable supplies of diesel and other energy resources amid global supply disruptions caused by the ongoing crisis in the Middle East.
South Korea's Foreign Minister Cho Hyun and his Australian counterpart, Penny Wong, adopted a joint statement during their meeting in Seoul, covering high-level exchanges, economic security, defence cooperation and regional security issues.
"The ROK and Australia share deep concern over the situation in the Middle East and its consequences for our region, including impacts on energy, resources and other important commodities," the governments said in a joint statement. The ROK is the acronym of South Korea's official name, the Republic of Korea, Yonhap news agency reported.
The two sides reaffirmed their commitment "to working together to strengthen energy resource security, including efforts to maintain a stable, secure and reliable supply of diesel and other liquid fuels, energy resource commodities, including liquefied natural gas (LNG) and condensate."
They also promised to "notify and consult each other on any potential disruptions as far as practicable," the statement read.
The two sides also vowed to deepen regional cooperation, accelerate energy transition, address unjustified import and export restrictions, and support open trade arrangements for energy resources and liquid fuels so as to strengthen energy supply chain resilience.
Australia is South Korea's largest LNG supplier and one of its key suppliers of condensate and critical minerals, while South Korea is one of Australia's major suppliers of diesel and a key supplier of refined petroleum products.
The conflict in the Middle East, which began in late February following the US-Israeli strikes on Iran, has escalated into a broader war, disrupting global supply chains and rattling markets, as the Strait of Hormuz, a key energy logistics route in the region, has effectively been shut.
South Korea relies heavily on overseas supplies to meet its energy needs, while it is a major exporter of refined petroleum products.
During the talks, Cho and Wong also discussed ways to expand cooperation in the defence industry by building on momentum from a South Korean defence firm's establishment of the first overseas manufacturing hub in Australia, the ministry said.
Hanwha Aerospace Co. has been operating a major manufacturing facility in Geelong, Australia, since 2024, producing K9 self-propelled howitzers and K10 armoured ammunition resupply vehicles.
— IANS
Reader Comments
Smart move by South Korea. They know they can't rely solely on Middle East oil anymore. Australia is a stable ally with resources. We need to diversify our own energy imports too.
Interesting to see South Korea building defense manufacturing in Australia too. That's a nice strategic layer—economic, energy, and defense cooperation all together.
But why only South Korea? Given the Strait of Hormuz risks, all Asian nations should coordinate on energy reserves and alternative routes. India already has strategic petroleum reserves—but we need bigger ones fast.
Good to see diplomatic solutions in action instead of just military posturing. Energy security is going to define geopolitics for the next decade.
South Korea is very dependent on energy imports—85% of their needs I think. This partnership is survival for them. India should take notes and strengthen ties with Australia, Qatar, and maybe even Russia for long-term contracts.
The US-Israeli strikes on Iran mentioned here... that's the root cause. When will global powers realize that aggression only destabilizes energy markets for everyone?
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