South Korea and Australia discuss collaboration in the energy and natural resources sector
South Korea and Australia discuss
collaboration in the energy and natural resources sector
On February 2nd, Minister An Duk-geun met
with Madeleine King, the Australian Minister for Resources and Northern
Australia, in Seoul. They discussed cooperation in energy and resources,
focusing on key minerals, CCS, and natural gas. Minister An also addressed
challenges faced by Korean companies due to Australia's energy regulations.
Both countries agreed on the importance of
reducing dependence on specific countries for key minerals and committed to
expanding cooperation from exploration, development, and production to refining
and processing in the future.
Both countries have agreed to swiftly
advance procedures, including the signing of the Korea-Australia CO2 Transport
Agreement, to facilitate the seamless progress of the CCS investment project.
This initiative involves capturing and transporting CO2 from South Korea to
Australia for permanent storage in depleted gas fields.
Minister An Duk-geun expressed concerns
from Korean companies about the potential extension of the Australian Domestic
Gas Security Mechanism (ADGSM) and requested clearer criteria for the
application of the Australian Safeguard Mechanism, which regulates carbon
emissions reduction obligations for greenhouse gas-emitting facilities.
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