Minister of Foreign Affairs Cho Hyun and his Australian counterpart Penny Wong on April 30 speak at their summit in Seoul. (Ministry of Foreign Affairs)

By Koh Hyunjeong

The Ministry of Foreign Affairs has expressed its intent to pursue higher cooperation in energy resource security with Australia through a joint statement.

In the statement released on April 30, both sides expressed concern over the effects of the crisis in the Middle East on energy resources and markets for major raw materials, stressing the importance of stable and reliable cooperation.

Korea is Australia's main supplier of major refined petroleum products and diesel, while Australia is Korea's largest supplier of LNG. The two countries agreed to notify and consult each other in case of supply disruptions.

The ministry said the statement provided an opportunity to boost supply chain resilience and the basis for stable supply and demand in response to uncertainty in the energy market.

hjkoh@korea.kr