Value context and insight. lkm@koreatimes.co.kr
Land ministry official's book offers insights into energy management of resources deprived Korea, Japan
Oh Seong-ik
By Lee Kyung-min
By Lee Kyung-min
Oh Seong-ik, director general at the Ministry of Land Infrastructure, has published a book offering insights into how Korean and Japanese energy policies of past decades have helped elevate the nations as key industrial states, despite few natural resources.
The book titled “Overseas Energy Investment of Korea and Japan: How Did Two East Asian Resources-Rare Industrial Giants Respond to Energy Security Challenges,” will be a timely reference for readers seeking an enhanced understanding of the energy security policies of countries seeking to maximize national interests, according to the author.
Global energy prices are fluctuating, due to complex and unpredictable geopolitical and financial developments including the war in Ukraine, China's reopening and recovery after years of COVID-19 measures, and Saudi Arabia's sudden announcement of oil cuts.
A number of uncertainties leading to volatility in energy prices are quite familiar, in his view. The only difference is who is in power and what their political priorities are.
“The establishment of state-run oil enterprises in Korea and Japan in the past is explained in large part by the shared notion that oil production was a strong indicator of national prestige, which both countries understood,” he said.
However, Korea and Japan ended up with different priorities in developing natural gas resources, due mostly to different political structures.
Japan's ruling party and the private sector are deeply involved in the policymaking process, and their consensus led to the purchase of oil and gas assets when the price of oil was low. This was a major difference in energy security policies compared to Korea, he said.
“Comparative historical examples are cited in my book. They will help the readers understand how the energy policies of Korea and Japan had similarities and differences as well as how a variety of factors affect policy formulation,” he said.
Oh donated the book to the World Bank Group Library and OECD Library & Archives to enhance understanding of Korea for researchers and policymakers from around the world.
He donated the income from the publication to Ohyun High School on Jeju Island.