Korea National Oil Corporation Initiates Cooperation with Japan on Energy Security Hydrogen and Ammonia Projects

President Kim Dong-seop Exchanges Business Opinions with Japan's JOGMEC

Both Companies Agree to Specify Collaborative Projects through Regular Meetings

Korea National Oil Corporation (President Kim Dong-seop) has initiated mutual exchange and cooperation with the Japan Oil, Gas and Metals National Corporation (JOGMEC) in the fields of energy security, CCS, and hydrogen-ammonia business.

On the 8th, both parties announced that they have agreed to unify their intentions for joint cooperation projects and to concretize these projects after consulting with their respective governments.

JOGMEC is a Japanese state-owned energy company that oversees new energies such as oil, minerals, and hydrogen, provides financial and technical support for resource development projects, and assists in national resource diplomacy.

Kim Dong-seop, President of KNOC and also Chairman of the Overseas Resources Development Association, visited JOGMEC headquarters in Japan on the 5th and met with Ichiro Takahara, CEO of JOGMEC, to discuss future cooperation plans between the two companies to address climate issues and energy security.

President Kim Dong-seop of Korea National Oil Corporation (right) and CEO Ichiro Takahara of JOGMEC are shaking hands.

This visit followed discussions at ‘Energy Asia 2023’ held in Malaysia at the end of June, where President Kim and JOGMEC agreed on mutual cooperation to become international leaders in the future clean energy sectors of hydrogen and ammonia.

At that time, President Kim stated, “In the face of global issues such as war outbreaks and climate change, international cooperation is required to respond to resource security and energy transition, making energy cooperation between Korea and Japan necessary.”

During this bilateral meeting, President Kim emphasized, “At a time when energy security is crucial due to recent international tensions, Japan, as a neighboring country sharing maritime borders, can maximize synergy through cooperation in CCS and marine resource development. If we exchange and closely cooperate in the new energy sectors of hydrogen and ammonia, we believe we can play a significant role in creating and leading the global hydrogen industry ecosystem.”

To this end, he proposed regular meetings between KNOC and JOGMEC in the hydrogen and ammonia business sectors.

CEO Ichiro Takahara responded, “I fully agree with President Kim Dong-seop’s views and sincerely appreciate the visit. We are very positive about your proposal to strengthen cooperation and hope that both organizations will support the energy policies of our two governments and concretize cooperation through practical discussions.” He also agreed to hold a meeting between the two companies in Korea early next year.

KNOC and JOGMEC signed a Strategic Alliance Agreement (SAA) in June 2007 to strengthen the strategic partnership between Korea and Japan and to cooperate on oil stockpiling technology analysis. Since then, they have shared stockpiling experiences and oil stockpiling policy trends through annual regular meetings.

Building on this meeting, KNOC and JOGMEC plan to expand cooperation beyond oil stockpiling to include hydrogen-ammonia, CCS, and oil and gas development sectors, thereby strengthening mutual ties in the energy supply chain and enhancing synergy effects for energy security between Korea and Japan in the future.

KNOC is focusing its capabilities on creating a clean hydrogen-ammonia ecosystem linked to carbon neutrality policies, including national energy security through oil and the establishment of clean hydrogen-ammonia supply chains and infrastructure.

This content was produced with the assistance of AI translation services.