en.Wedoany.com Reported - On June 2, 2026, Canada's Minister of Natural Resources, Tim Hodgson, and the Chief of Staff to the President of the Republic of Korea and Special Envoy for Strategic Economic Cooperation, Kang Hoon-Sik, met in Ottawa to discuss significant opportunities for expanding commercial relations between Canada and South Korea in the energy and natural resources sectors. Canada is poised to become a stable, reliable, and predictable partner for South Korea, with cooperation on energy resources and critical minerals remaining central to the bilateral relationship. This collaboration is based on the existing Memorandum of Understanding on Cooperation in Critical Mineral Supply Chains, Clean Energy Transition, and Energy Security between Natural Resources Canada, Innovation, Science and Economic Development Canada, and the Ministry of Trade, Industry and Resources of the Republic of Korea.
The two sides discussed priorities including joint reserves of critical minerals, investment in strategic natural resource projects, and policies for stable energy supply. The Ministry of Trade, Industry and Resources of the Republic of Korea and Natural Resources Canada agreed to develop a joint plan for critical mineral reserves by the end of 2026, as part of a shift toward a more integrated supply chain partnership. The Geological Survey of Canada (GSC) and the Korea Institute of Geoscience and Mineral Resources (KIGAM) signed an implementation agreement to advance research and development cooperation on natural hydrogen.
Canada and South Korea are deepening energy trade, including increasing Canadian exports of liquefied petroleum gas and liquefied natural gas to South Korea. Korea Gas Corporation remains a key investor in the LNG Canada Phase 1 project and a potential partner for Phase 2. Following recent progress by the governments of Canada and British Columbia, a final investment decision for Phase 2 is expected later this year. Once the decision is made and LNG Phase 2 reaches full production (expected in the early 2030s), South Korea plans to import at least 1.4 million tonnes of Canadian LNG annually for over 30 years.
South Korea plans to significantly increase its imports of Canadian crude oil in the coming years, having agreed to apply preferential tariff treatment to Canadian crude oil imports under the Canada-Korea Free Trade Agreement, further strengthening energy ties between the two countries. Canada and South Korea are building a strong and forward-looking energy and natural resources partnership based on shared priorities such as resource security, clean energy transition, and sustainable critical mineral development.
Hodgson stated that Canada and South Korea have a strong and evolving partnership built on shared interests in energy security, accelerating and diversifying critical mineral supply chains, and responsibly advancing the clean energy transition. As global demand rises, Canada is proud to be a stable and reliable partner for South Korea and other countries, ready to deepen cooperation and open new opportunities for sustainable economic growth in both nations. Kang Hoon-Sik stated that in the context of geopolitical risks, South Korea and Canada are deeply reliable partners, and their cooperation strengthens resource security while perfectly synergizing with industrial bases. Both sides are committed to elevating this foundation into a fully integrated energy supply chain partnership.
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