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

President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi make a joint press statement after their summit at a hotel in Lee's hometown of Andong, North Gyeongsang Province, Tuesday. The summit was held in Andong as part of the two leaders' reciprocal hometown visits, following Lee’s trip to Nara Prefecture in Japan in January. Yonhap

President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi agreed to strengthen cooperation on supply chains, including crude oil and liquefied 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 progress under the bilateral Supply Chain Partnership Arrangement (SCPA) signed in March, which aims to enhance preparedness for potential supply chain disruptions and minimize unnecessary restrictions that could undermine supply chain resilience.

President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi, accompanied by their officials, hold a summit at a hotel in Lee's hometown of Andong, North Gyeongsang Province, Tuesday. Yonhap

In particular, the cooperation will cover key energy resources, including crude oil and LNG, with the two leaders agreeing to “enhance information-sharing and communication channels regarding oil supply and strategic reserves.”

For greater flexibility of supply, the two countries will jointly explore swap arrangements for crude oil, petroleum products and LNG.

With regard to peace and stability in Northeast Asia, Lee noted that the countries are “closely interconnected across various fronts, including the economy and security,” and therefore “it is essential for Korea, China and Japan to respect one another, cooperate and pursue shared interests.”

As for the situation on the Korean Peninsula, Lee explained that Seoul’s vision was outlined as “building a peaceful peninsula where the two Koreas can coexist peacefully and grow together — one where there is no need to fight.”

The two leaders also discussed artificial intelligence (AI), with Lee noting that companies and people in both countries will be “at the forefront of efforts to establish a ‘global AI universal basic society,’” by leveraging each other’s respective competitiveness for mutually beneficial and strategic cooperation.

With regard to historical issues, DNA analysis of the remains excavated from the Chosei Coal Mine in Japan will also begin soon.

“This will be a small but meaningful first step for both countries in cooperating on historical issues, starting with humanitarian matters,” Lee said.

President Lee Jae Myung greets Japanese Prime Minister Sanae Takaichi at a hotel for a bilateral summit in Andong, North Gyeongsang Province, Tuesday. Yonhap

The Andong summit was part of the two leaders’ reciprocal hometown visits, following Lee’s trip to Nara Prefecture in Japan in January.

It also marked Lee and Takaichi’s fourth meeting. Their first encounter occurred in October 2025 on the sidelines of the Asia-Pacific Economic Cooperation summit in Gyeongju, North Gyeongsang Province.

“The fact that such meaningful and historic exchanges took place in the span of just four months speaks to the depth and strength of the friendship and bonds that Korea and Japan now share,” Lee said.

The president found the “growing scope of our shuttle diplomacy” significant, pointing out that location of such visits had previously been limited to Seoul and Tokyo, but now they have expanded to regional cities such as Gyeongju, Nara and Andong.

Lee assessed that the summit diplomacy in a reciprocal manner “has fully taken root” as the leaders of both nations “meet and communicate whenever necessary without the constraints of formalities.”

“Marking the 60th anniversary of normalized Korea-Japan relations, I look forward to further expanding future-oriented cooperation that tangibly benefits the people of both our nations,” he said.

Takaichi traveled by plane and arrived at Daegu International Airport near Andong.

Second Vice Foreign Minister Kim Jina and other officials were present at the airport to greet the Japanese leader.

Takaichi was welcomed with a ceremonial guard of honor before boarding an escort vehicle for the roughly one-hour drive to a hotel in downtown Andong, where the summit was held. She was escorted by around 170 officers, 20 patrol vehicles and 20 police motorcycles deployed by the Daegu Metropolitan Police Agency.

Before departing Japan, the prime minister told reporters that global developments in places like the Middle East and the Indo-Pacific are increasing the importance of Korea-Japan relations and trilateral cooperation with the U.S.