en.Wedoany.com Reported - Canada and South Korea recently discussed deepening bilateral cooperation in energy and critical minerals. Canadian Minister of Energy and Natural Resources Tim Hodgson met with Kang Hoon-Sik, Chief of Staff to the President and Special Representative for Economic Strategy of the Republic of Korea, focusing on expanding bilateral relations.

Building on an existing memorandum of understanding, both sides seek to further strengthen cooperation in energy resources and critical minerals. The memorandum involves Natural Resources Canada, Innovation, Science and Economic Development Canada, and the Ministry of Trade, Industry and Resources of South Korea. Discussions centered on joint stockpiling of critical minerals, investment in strategic natural resource projects, and policy measures to ensure stable energy supply. The two countries agreed that their respective ministries will develop a joint plan on critical mineral stockpiles by the end of 2026.

Hodgson stated that Canada's partnership with the Republic of Korea is built on shared interests in energy security, acceleration and diversification of critical mineral supply chains, and the clean energy transition. As global demand rises, Canada is willing to become a stable and reliable partner for South Korea and other countries, opening new opportunities for sustainable economic growth.

Both sides also welcomed the signing of a new implementation agreement between the Geological Survey of Canada and the Korea Institute of Geoscience and Mineral Resources to jointly advance research on natural hydrogen.

In terms of energy trade, Canada and South Korea are seeking to expand cooperation, including increasing exports of Canadian liquefied petroleum gas and liquefied natural gas. Korea Gas Corporation remains a major investor in the LNG Canada project, with a final investment decision on the second phase expected later this year. If approved, South Korea plans to import at least 1.4 million tons of LNG annually from Canada for over 30 years, starting production in the early 2030s. South Korea also plans to increase imports of Canadian crude oil and promote preferential tariff treatment under the Canada–Korea Free Trade Agreement.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com