Ministry of Trade, Industry and Resources, Republic of Korea
Today, Canada's Minister of Energy and Natural Resources, Tim Hodgson, met with the Republic of Korea's Chief of Staff to the President and Special Envoy for Strategic Economic Cooperation, Kang Hoon-Sik.
They highlighted significant opportunities to expand the Canada-Korea commercial relationship in energy and natural resources, with Canada positioned to be a stable, reliable and predictable partner for the Republic of Korea. Energy resources and critical minerals co-operation remain central to our bilateral relationship, anchored by the existing Memorandum of Understanding between Natural Resources Canada and Innovation, Science and Economic Development Canada and the Ministry of Trade, Industry and Resources of the Republic of Korea on Cooperation in Critical Mineral Supply Chains, the Clean Energy Transition and Energy Security.
Canada and the Republic of Korea continued discussions on priority areas, including joint stockpiling of critical minerals, investments in strategic natural resources projects and policy measures to stabilize energy supplies. They agreed that the Republic of Korea's Ministry of Trade, Industry and Resources and Natural Resources Canada will develop a joint plan on critical minerals stockpiling by the end of 2026 as part of a shift to a more integrated supply chain partnership.
They welcomed an implementation agreement between the Geological Survey of Canada (GSC) and the Korea Institute of Geoscience and Mineral Resources (KIGAM) to advance research and development collaboration on naturally occurring hydrogen.
Canada and the Republic of Korea are also deepening energy trade, including increasing Canadian exports of liquefied petroleum gas and liquefied natural gas to Korea. The Korea Gas Corporation remains a key investor in LNG Canada Phase I and a prospective partner for Phase II. A final investment decision for Phase II is expected later this year, after recent progress was made by the Governments of Canada and British Columbia. Once the decision is made and LNG Phase II enters full production - which is expected in the early 2030s - the Republic of Korea plans to import at least 1.4 million tons of Canadian LNG annually for more than 30 years.
The Republic of Korea also plans to significantly increase imports of Canadian crude in the coming years and has agreed to facilitate the application of preferential tariff treatment on Canadian crude imports within the framework of the Canada-Korea Free Trade Agreement, furthering strengthening our energy ties.
Canada and the Republic of Korea will continue to build on a strong, forward-looking partnership in energy and natural resources, grounded in shared priorities of resource security, the clean energy transition and sustainable critical mineral development.
