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S. Korea to hold forum on regional energy security

All Headlines 14:57 June 15, 2015

SEOUL, June 15 (Yonhap) -- South Korea will host an international forum this week on energy security in Northeast Asia, as the country is seeking to emerge as a regional "oil hub," The Foreign Ministry said Monday.

South Korea has the ambition to become one of the world's four-largest oil hubs by 2020 through the establishment of a 36-million-barrel oil storage facility in the southern cities of Ulsan and Yeosu.

The 2nd Northeast Asia Energy Hub Symposium, to be held in Seoul on Tuesday, is designed to explore ways for regional partnerships to enhance energy security in the region, the ministry said in a press release.

Northeast Asia is the largest consumer and importer of energy on the planet, accounting for around 20 percent of global oil consumption.

More than 200 government officials and experts plan to attend the session that will open with a speech by Deputy Foreign Minister for Economic Affairs Lee Tae-ho.

Other participants include Gaspard Demur, international relations officer for energy at the European Commission, and Mikkal Herberg, research director for energy security program at the U.S. National Bureau of Asian Research.

"The symposium this time is expected to contribute greatly to widening perception at home and abroad that South Korea's push for the Northeast Asian oil hub will strengthen regional energy security and cooperation in line with changes in the international energy market including the U.S. shale revolution and low oil prices," the release said.

It is jointly sponsored by the Ministry of Trade, Industry and Energy and Korea National Oil Corp.


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