Korea and Australia strengthen energy security ties amidst global supply risks

They also agreed to expand cooperation on critical minerals.

South Korea and Australia have agreed to deepen cooperation on energy security and critical minerals amidst rising global supply chain risks linked to Middle East tensions.

Jung-Kwan Kim of South Korea’s Ministry of Trade, Industry and Resources (MOTIR) met with Australia’s Minister for Foreign Affairs Penny Wong during her official visit to Seoul, where both sides reaffirmed their strategic energy partnership.

Australia remains South Korea’s largest liquefied natural gas (LNG) supplier, accounting for 31.4% of Korea’s LNG imports in 2025. It is also a key supplier of condensate, a critical input for naphtha production in Korea’s petrochemical sector.

In return, South Korea is Australia’s largest supplier of petroleum products, holding a 29.1% market share, underscoring the reciprocal nature of the energy trade relationship.

The two countries issued a Joint Statement on Energy Resource Security, committing to strengthen supply chain resilience and maintain stable energy flows despite global uncertainty.

Minister Kim said that Australian condensate and crude oil are essential to maintaining stable operations in Korea’s petrochemical industry during periods of external supply disruption.

He also referred to Australia as “a highly reliable partner” and requested continued assurance that LNG exports to South Korea will remain stable, whilst Australia balances its own domestic energy requirements.

Both sides also agreed to expand cooperation on critical minerals, including discussions on Australia’s planned Critical Minerals Strategic Reserve to support more stable global supply chains.

South Korea’s MOTIR said it will use the Korea–Australia Joint Committee on Energy and Mineral Resources to implement the agreement across LNG, oil, condensate, and minerals.