Korean, Australian leaders discuss energy supply chains amid Middle East conflict

NEW YORK — President Lee Jae Myung in bilateral talks with Australian Prime Minister Anthony Albanese expressed his appreciation for the energy cooperation maintained between the two countries amid the unstable situation in the Middle East on the margins of the United Nations General Assembly in New York.

“Australia must be facing various difficulties due to the current conflict in the Strait of Hormuz, and Korea also experienced some disruption to its energy supply chains,” Lee said during the summit at the Permanent Mission of the Republic of Korea to the United Nations in New York. “However, thanks to Australia's significant assistance and cooperation, Korea's energy market remains relatively stable.”

He said that Korea is “grateful for Australia's help” and will also “cooperate fully to help resolve any issues and situations facing Australia.”

The talks between Lee and Albanese come as Washington has pressured its allies in Europe and the Indo-Pacific region to consider military support, including the deployment of troops, to ensure stability in the Strait of Hormuz.

This marked their third summit meeting, following bilateral talks held during last year’s Group of Seven, or G7, and Asia-Pacific Economic Cooperation (APEC) summits.

Korea, Japan, Australia and New Zealand are members of the Indo-Pacific Four, or IP4, the North Atlantic Treaty Organization's four partners in the region.

“The two leaders engaged in a candid exchange of views, in a relaxed atmosphere, regarding matters of mutual interest, such as bilateral relations, energy supply chains and defense industry cooperation, as well as the international situation,” Seong Ghi-hong, presidential secretary for public relations and communication, said in a statement.

Albanese told Lee Tuesday that Korea and Australia share a “very similar worldview” and hold common values regarding multilateralism and the pursuit of security and stability.

He added that the two countries “rely upon each other as well for economic security,” particularly viewing supplying secure energy to Korea as being “very important.”

Albanese said he expects to meet with Lee soon on the sidelines of the upcoming APEC summit in China in November and the Group of 20, or G20, summit in Miami in December.

He also invited Lee to visit Australia in the first half of next year.  

Regarding the response to the energy crisis stemming from the conflict in the Middle East, the two leaders reaffirmed that their nations are key partners relying on each other for the supply of major energy resources, including liquefied natural gas and petroleum products, Seong said. They also agreed to cooperate closely to build stable and resilient regional supply chains.

Albanese noted that Korea is a trusted partner for Australia in sectors such as critical minerals and clean energy, highlighting the significant potential to further develop bilateral cooperation by combining Korea’s manufacturing capabilities with Australia’s abundant resources, Seong said.

Lee expressed agreement and proposed exploring further cooperation, asking about Australia’s recent policies on utilizing renewable energy for AI data centers and trends in energy prices.

BY SARAH KIM [[email protected]]