Japanese Prime Minister Sanae Takaichi and South Korean President Lee Jae Myung have agreed to strengthen energy cooperation, including securing stable supplies of crude oil, petroleum products, and liquefied natural gas, amid rising geopolitical tensions in the Middle East, Kyodo News reported.

The two countries plan to establish a policy dialogue to advance specific areas of energy collaboration and work together to build more resilient supply chains for critical minerals, Takaichi said after their meeting in Andong, southeastern South Korea.

Following the summit, Lee described the potential for bilateral cooperation as “limitless,” stressing that South Korea, China, and Japan should respect one another, cooperate, and pursue shared interests to ensure regional peace and stability.

Under the planned framework, cooperation will focus on two main areas: coordinating strategic oil reserves across the Indo-Pacific and providing mutual support by sharing petroleum products and LNG from national stockpiles during emergencies, according to Japanese officials.

The two nations will also collaborate under a Tokyo-led initiative announced in April, which aims to mobilise about $10 billion in financial support to help Asian countries secure crude oil supplies.

South Korea is also participating in this framework.