South Korean President Lee Jae Myung (R) and Japanese Prime Minister Sanae Takaichi enter a conference room at a hotel in Andong on Tuesday for a joint press announcement after their meeting. Photo by Yonhap
SEOUL, May 19 (UPI) -- South Korean President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi agreed to strengthen supply chain cooperation and boost efforts to secure crude oil and liquefied natural gas amid the ongoing Middle East crisis, both leaders said Tuesday as they met for a summit in Lee's hometown of Andong.
"We agreed that the need for close cooperation between the two countries has increased further regarding the instability in supply chains and energy markets stemming from the recent situation in the Middle East," Lee said at a joint press conference after the leaders met for one hour and 45 minutes.
"Furthermore, our two countries have decided to further strengthen cooperation in the fields of LNG and crude oil, which are key energy sources," he said.
Takaichi said the agreement includes "mutual swap arrangements for crude oil, petroleum products and liquefied natural gas."
