Ministry of Trade Industry and Resources

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Penny Wong, Australia’s Minister for Foreign Affairs, in Seoul on April 30, 2026, during her visit to Korea. The two ministers discussed energy and resource security cooperation in response to global supply chain risks heightened by the conflict in the Middle East.

The two ministers reaffirmed the close, complementary energy and resources partnership between Korea and Australia. Australia is Korea’s largest LNG supplier, accounting for 31.4 percent of Korea’s LNG imports in 2025, and a major supplier of condensate, which is essential for producing naphtha, a basic feedstock for Korea’s petrochemical industry. Korea, in turn, is Australia’s largest supplier of petroleum products, with a 29.1 percent market share. These stable two-way flows have underpinned both countries’ complementary economic relationship.

On this strong foundation of trust, Korea and Australia issued the Joint Statement on Energy Resource Security, prepared with the participation of Korea’s five relevant ministries, including MOTIR. The statement carries particular significance as it publicly affirms the two countries’ commitment to strengthening supply chain resilience at a time of heightened uncertainty in global energy markets following the outbreak of the conflict in the Middle East.

Minister Kim noted that Australian condensate and crude oil are essential to maintaining Korea’s petrochemical operations amid Middle East-related supply uncertainty. He also described Australia as “a highly reliable partner.” Minister Kim asked the Australian side to help ensure that LNG exports to Korea continue without disruption while Australia maintains stable domestic natural gas supplies.

Minister Kim also reaffirmed the importance of cooperation with Australia on critical minerals essential to future advanced industries, in the context of continued supply chain uncertainty. Australia is rich in resources and is a major investment destination for Korean companies. The two sides will continue discussions on Australia’s planned Critical Minerals Strategic Reserve so that it can support a stable production base for supplier countries while serving as a reliable supply source for consumer countries.

MOTIR will use high-level channels such as the Korea-Australia Joint Committee on Energy and Mineral Resources (JCEM) to help translate the joint statement into tangible business outcomes. Through these channels, MOTIR will work to implement key areas of cooperation covering crude oil, LNG, condensate and critical minerals.