On February 2nd, Minister An Duk-geun met with Madeleine King, the Australian Minister for Resources and Northern Australia, in Seoul. They discussed cooperation in energy and resources, focusing on key minerals, CCS, and natural gas. Minister An also addressed challenges faced by Korean companies due to Australia's energy regulations.
Both countries agreed on the importance of reducing dependence on specific countries for key minerals and committed to expanding cooperation from exploration, development, and production to refining and processing in the future.
Both countries have agreed to swiftly advance procedures, including the signing of the Korea-Australia CO2 Transport Agreement, to facilitate the seamless progress of the CCS investment project. This initiative involves capturing and transporting CO2 from South Korea to Australia for permanent storage in depleted gas fields.
Minister An Duk-geun expressed concerns from Korean companies about the potential extension of the Australian Domestic Gas Security Mechanism (ADGSM) and requested clearer criteria for the application of the Australian Safeguard Mechanism, which regulates carbon emissions reduction obligations for greenhouse gas-emitting facilities.
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