Ministry of Trade, Industry and Energy

Energy Policy Dep. Minister meets Petronas’ Gas and Maritime Business CEO

The Republic of Korea’s Deputy Minister for Energy Policy Lee Ho-hyeon met with Petronas’ Gas and Maritime Business CEO Datuk Adif Zulkifli today in Seoul to discuss measures for energy cooperation. date2024-10-25

Korea and Malaysia discuss energy cooperation in LNG, hydrogen, and CCS

The Republic of Korea’s Deputy Minister for Energy Policy Lee Ho-hyeon met with Petronas’ Gas and Maritime Business CEO Datuk Adif Zulkifli today in Seoul to discuss measures for energy cooperation. A Malaysian state-owned energy giant, Petronas is currently engaged in joint projects with Korean firms across diverse areas including liquefied natural gas (LNG), hydrogen, and carbon capture and storage (CCS). Today’s talks were held on the occasion of Petronas executives’ business trip to Korea. Sharing the view that stable securing of resources is crucial amid intensifying global energy supply chain uncertainties, both sides agreed to actively cooperate to this end. In addition to the LNG supply contract between Petronas and Korean firms like Korea Gas Corporation (KOGAS), Deputy Minister Lee remarked that the two countries are also taking part in an overseas gas field project and expressed anticipation for continued LNG cooperation going forward. Moreover, he asked for interest and support towards the green hydrogen and ammonia project presently ongoing in Sarawak with the participation of Korea National Oil Corporation (KNOC) and Samsung E&A. Lastly, the deputy minister noted the Shepherd CCS Project in progress between Korean firms and Petronas for transporting carbon dioxide from Korea to Malaysia for storage and requested Petronas’ strong support for the collaboration, noting their governments’ ongoing discussions on prospects of entering a bilateral memorandum of understanding (MOU) to assist cooperation in CCS areas.   date2024-10-25

Minister Ahn meets Kazakhstan’s Minister for Energy

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met Kazakhstan’s Minister for Energy Almasadam Sätqaliev on October 22 at the Government Complex Sejong for talks on boosting bilateral energy cooperation outcomes and follow-up measures. date2024-10-24

Korea and Kazakhstan discuss implementation measures for June summit outcomes

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met Kazakhstan’s Minister for Energy Almasadam Sätqaliev today at the Government Complex Sejong for talks on bilateral energy cooperation.  The first follow-up to the Korea-Kazakhstan summit held this June in Astana, today’s energy ministers’ meeting served as an opportunity for the two countries to assess summit outcomes in energy areas and discuss swift implementation measures.  The ministers shared the view that the recent summit has acted as a groundbreaking momentum for strengthening Korea-Kazakhstan energy exchanges. Based on the memorandum of understanding (MOU) inked by the two countries for electrical power industry cooperation, they discussed steps to boost Kazakhstan’s power policy collaboration with Korea via projects on improving environmental facilities, building combined cycle power plants (CCPPs), and increasing the utilization of renewable energy.  Moreover, both sides are aiming to implement summit outcome follow-ups in non-energy areas as well, such as establishing a critical minerals supply chain partnership and expanding official development assistance (ODA) in industry and energy sectors.  Requesting for greater participation of Korean companies in Kazakh energy plant projects going forward, Minister Ahn also asked the Kazakh government’s interest and support towards the global diffusion of the Carbon Free Energy (CFE) Initiative launched by the Korean government to achieve carbon neutrality through the utilization of diverse CFE sources.   date2024-10-22

Korea to serve as Steering Group member for Climate Club

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 18 that Korea has been appointed to serve in the Steering Group for the Climate Club, a multilateral consultative body launched under the objective of accelerating the effective implementation of the Paris Agreement and carbon neutrality in the industry sector.  It was decided at the time of launch in December 2023 that a Steering Group will be formed when the Climate Club body reaches 40 members or more. Accordingly, with the number of members amounting to 40 as of August 2024, seven members were appointed to serve as the Steering Group, consisting of Australia, Egypt, the EU, Indonesia, Korea, Türkiye, and the UK. While leading the efforts for decarbonization in the industry sector, which takes up 30 percent of the entire global carbon emissions, the Climate Club is also taking the initiative in setting the norms for relevant issues such as low-carbon steel definition, interoperability considerations for emissions calculation, and low-carbon product transaction standards. During the first Steering Group meeting held on October 18, members discussed carbon leakage issues and Climate Club management measures going forward.   date2024-10-21

Korea bolsters global LNG supply cooperation network to stabilize energy supply

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is making effort to reinforce liquefied natural gas (LNG) supply chain cooperation with other countries in response to volatility risks in the global energy market with aim to stabilize the domestic natural gas supply. First, through the Korea-Singapore LNG memorandum of understanding (MOU) signed between MOTIE and Singapore’s Ministry of Trade and Industry (MTI) on the margins of the Korea-Singapore summit (October 8), the two countries plan to secure supply flexibility via LNG swaps capitalizing on their discrepant summer and winter supply patterns and raise price negotiability through joint purchases. As Korea is the world’s third largest LNG importer and Singapore is a global trading hub with its world-leading infrastructure and professional talent, the two countries’ bilateral cooperation is anticipated to create significant synergy. Second, Korea is pushing LNG cooperation with Japan as well. On the occasion of the LNG Producer-Consumer Conference 2024 (PCC) held on October 6 in Hiroshima, MOTIE and Japan’s Ministry of Economy, Trade and Industry (METI) agreed to kick LNG cooperation into high gear. Both countries’ governments, Korea Gas Corporation (KOGAS), and JERA will work together to monitor the global supply situation, strengthen information exchanges, make joint purchases, and roll out an LNG swap pilot project. Based on these endeavors, they intend to forge agreements going forward to bolster intergovernmental and corporate cooperation so that the two countries can secure stable LNG supplies during global supply chain uncertainties. As of 2023, Korea and Japan are the world’s third and second largest LNG importers, respectively. Based on geographic proximity, the two countries’ collaboration is meaningful in that they can enhance LNG supply flexibility and supply chain resilience even in times of global energy crises. Third, another outcome of the LNG PCC 2024 was that an Early Alert Mechanism (EAM) pilot project should be launched with the participation of major LNG producers like Australia, Canada, and the U.S. and importers like the EU, Japan, and Korea. The EAM is a natural gas supply chain crisis sharing system for swift information spreading and joint response against accidents that may potentially damage natural gas field facilities and disrupt the natural gas supply chain. Not only that, but each country’s LNG storage volume, LNG terminal usage rate, weather, and other basic industrial information are to be shared within permissible range of disclosure. The Korean government plans to take part in the EAM on a regular basis to prepare for potential risks by monitoring and analyzing provided information, while also forecasting accidents and identifying market anxiety factors in advance to help stabilize the domestic natural gas supply.   date2024-10-15

Korea and Philippines agree to stronger supply chain and nuclear energy cooperation

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Hydro & Nuclear Power (KHNP) reached a new milestone with the Philippines today for cooperation in supply chain and nuclear energy with the Filipino Department of Trade and Industry (DTI), Department of Environment and Natural Resources (DENR), and the Department of Energy (DOE) on the margins of Korean President Yoon Suk Yeol’s state visit to the Philippines for a bilateral summit. First, MOTIE entered into a memorandum of understanding (MOU) for supply chain in critical raw materials with the Philippines, the world’s second largest nickel producer. The MOU is expected to help the two countries build a mutually beneficial supply chain and take joint response against sudden supply chain disruptions amid the ongoing U.S.-China competition and global economic fragmentation. KHNP sealed an MOU with the Philippines’ Department of Energy for cooperation on the feasibility study for resuming construction of the Bataan nuclear power plant, which has been put on pause in 1986. They aim to launch feasibility investigations in terms of assessing the safety of continuing the Bataan project and its economic value. On the heels of the MOU signing ceremony, the two countries’ economic groups organized the Korea-Philippines Business Forum with the participation of roughly 300 business leaders of both sides, where they inked a total of 13 additional MOUs between economic groups and companies in areas like nuclear reactors, energy, construction, infrastructure, aircraft maintenance, defense, agriculture, and retail. In nuclear reactors and energy, three MOUs were signed for cooperation on nuclear energy technology and gas-fired combined cycle power plant (CCPP) projects. Korea’s major plant company and the Philippines’ largest independent power producer (IPP) entered into two MOUs, fueling anticipation for collaboration over all energy sectors going forward. In line with the numerous large-scale construction and infrastructure projects recently pushed by the Filipino government, four MOUs were signed in construction and infrastructure areas such as manpower and information exchange as well as smart city. Based on these MOUs, Korean businesses are looking forward to enhanced chances of winning more projects put out by the Philippines. Five MOUs were forged in aircraft maintenance, defense, agriculture, and retail, which has helped establish stable grounds for cooperation in not only manufacturing but in all industries including service and food, while also contributing to boosting Korean businesses’ exports. Meanwhile, the Federation of Korean Industries (KFI) and the Philippines Chamber of Commerce and Industry (PCCI) sealed an MOU to spur bilateral economic cooperation and widen the scope of information exchange, which is anticipated to further catalyze exchanges and cooperation between the two countries’ economic groups. MOTIE plans to actively support the MOUs closed between businesses and economic groups today on the sidelines of the Korea-Philippines Summit to ensure they translate into tangible outcomes.   date2024-10-07

Korea makes official launch of CFE Global Working Group

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on October 6 that the Carbon-Free Energy (CFE) Initiative officially launched its global working group (“CFE Global Working Group”) on October 3. Moreover, Korea will be serving as chair of the Clean Energy Ministerial (CEM) in 2025. At the 15th Clean Energy Ministerial (CEM) and the G20 Energy Ministerial held through October 1–4 in Brazil, the Korean delegation highlighted the need to harness various carbon-free energy sources. At CEM, it announced the official launch of the CFE Global Working Group and convened a kickoff meeting.  The CFE Global Working Group is a consultative body for discussions on CFE implementation standards and utilization measures with the participation of Korea, Japan, the United Arab Emirates (UAE), the Czech Republic, and the International Energy Agency (IEA). Going forward, it is expected that the scope of participation will keep expanding. At the CFE Global Working Group kickoff meeting, MOTIE Minister Dukgeun Ahn emphasized via a video message how Korea has been laying the groundwork for consensus building with various countries over the use of diverse carbon-free energy sources, sharing plans to continue discussions through the CFE Global Working Group. Head of the Clean Energy Ministerial Secretariat Jean-François Gagné also expressed strong agreement to the need for utilizing all carbon-free energy sources, voicing support for the CFE Initiative’s role in the international community. First proposed by Korean President Yoon Suk Yeol during the United Nations General Assembly meeting in September 2023, the CFE Initiative has thus far won the support of a total of 10 countries and international organizations. The United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP28) resolution (December 2023) and the IEA 2024 Ministerial Meeting (February 2024) joint communique both reaffirm the need to utilize technology-neutral carbon-free energy sources.  In view of member countries’ support for Korea’s chairmanship of next year’s CEM, the international community’s shared understanding for the CFE initiative is anticipated to widen further in the future.   date2024-10-07

Vice Minister attends H2 MEET 2024

MOTIE’s Vice Minister Namho Choe attended the opening ceremony of H2 MEET 2024 held from September 25–27 at KINTEX in Goyang City with the participation of 317 companies and institutions from 24 countries and gave a congratulatory address and toured the exhibition booths. date2024-09-26

H2 MEET 2024 takes off at historic scale, accelerating hydrogen economies around the world

The Ministry of Trade, Industry and Energy (MOTIE) announced today that the H2 Mobility Energy Environment Technology (“H2 MEET 2024”) exhibition will be held from September 25–27 at KINTEX in Goyang City. The fifth of its kind, H2 MEET 2024 has drawn participation of a record number of 317 companies and institutions from 24 countries this year and showcases prominent products and technologies representing each area of the hydrogen industry spanning production, storage, transport, and utilization. Major companies from around the world have set up booths displaying hydrogen-powered engines, tractors, cargo bikes and other hydrogen mobility products as well as a variety of items for hydrogen storage and transport such as clean hydrogen production facilities for electrolysis and carbon capture, hydrogen liquefaction tanks, pipelines, and chargers. Also in the lineup are a number of sidelines events: the Leaders Summit for discussing latest trends of the global hydrogen industry and technologies; Country Day for introducing hydrogen policies of Australia, Canada, and the U.S. among other major countries; H2 Innovation Award for selecting innovative and outstanding companies in hydrogen technology; and a trade consultation for supporting Korean businesses’ overseas market entry. MOTIE’s Vice Minister Namho Choe attended the opening ceremony, stating that the Korean government will actively assist the effort to establish a hydrogen ecosystem through various policies such as launching the clean hydrogen power bidding market and increasing the distribution of hydrogen buses.   date2024-09-25