Canada, South Korea advance energy, critical minerals partnership

Canada’s Minister of Energy and Natural Resources Tim Hodgson met with Kang Hoon-Sik, the Republic of Korea’s chief of staff to the president and special envoy for strategic economic co-operation, to discuss expanding bilateral ties in energy and natural resources.

The two sides highlighted opportunities to deepen collaboration on energy resources and critical minerals, building on an existing memorandum of understanding involving Natural Resources Canada, Innovation, Science and Economic Development Canada and South Korea’s Ministry of Trade, Industry and Resources.

Officials said discussions focused on joint stockpiling of critical minerals, investment in strategic natural resource projects and policy measures to stabilize energy supplies. Both countries agreed their respective ministries will develop a joint plan on critical minerals stockpiling by the end of 2026.

“Canada and the Republic of Korea share a strong and growing partnership built on our mutual interest in energy security, accelerating and diversifying critical minerals supply chains, and responsibly advancing the clean energy transition,” said Hodgson. “As global demand rises, Canada is proud to be a stable and dependable partner to Korea and beyond, ready to deepen collaboration and unlock new opportunities for sustainable economic growth in both our countries.”

They also welcomed a new implementation agreement between the Geological Survey of Canada and the Korea Institute of Geoscience and Mineral Resources to advance research on naturally occurring hydrogen.

Canada and South Korea are also looking to expand energy trade, including increased Canadian exports of liquefied petroleum gas and liquefied natural gas. South Korea’s Korea Gas Corporation remains a key investor in the LNG Canada project, with a final investment decision on Phase II expected later this year. If approved, South Korea plans to import at least 1.4 million tonnes of Canadian LNG annually for more than 30 years once production begins in the early 2030s.

South Korea has also signalled plans to increase imports of Canadian crude oil and to facilitate preferential tariff treatment under the Canada–Korea Free Trade Agreement.