Ahead of the final selection for Canada's next-generation submarine acquisition program (CPSP) at the end of this month, the government is making a final push centered on energy and resource supply chain cooperation.
The Ministry of Trade, Industry and Resources and Canada's Ministry of Natural Resources co-hosted the Korea-Canada energy and resource supply chain cooperation forum in Ottawa, Canada, on the 2nd (local time).
Kang Hoon-sik, the presidential chief of staff visiting Canada as special envoy for strategic economic cooperation from President Lee Jae-myung, discussed government-level directions for energy and resource cooperation in a prior meeting with Minister Tim Hodgson of Canada's Ministry of Natural Resources.
The two sides agreed that, amid a rapidly changing global supply chain environment, the two countries are trusted and optimal partners, and they decided to expand mutually beneficial cooperation across all resource fields, including crude oil, liquefied natural gas (LNG), and critical minerals.
As part of the cooperation, the government first decided to seek a plan to increase imports of Canadian crude from 4.88 million barrels last year to up to 16 million barrels this year, about 3.3 times more, and to expand to 20 million barrels annually going forward.
In this case, Korea would emerge as Canada's No. 3 crude export destination after the United States and China. For Canada, which has been highly dependent on the United States, it would be an opportunity to diversify export routes to Asia.
In LNG, building on the LNG Canada Phase 1 project in which Korea Gas Corporation (KOGAS) participates with a 5% equity stake and is importing 700,000 tons annually, the sides discussed promoting Phase 2. Phase 2 is proceeding with a target of a final investment decision in the third quarter of this year. If the new "Ksi Lisims" project is added, Korea would secure a total of 3.4 million tons of Canadian LNG annually.
In critical minerals, our corporations have already indicated purchase plans worth 9.03 billion Canadian dollars for lithium, rare earths, nickel, and copper concentrates, and an intention to invest 130 million Canadian dollars in a graphite mine.
As a follow-up to the call between the two countries' leaders on the 8th, the Ministry of Trade and Industry (MOTI) and Canada's Ministry of Natural Resources agreed to prepare a joint plan for the co-stockpiling of critical minerals by the end of this year. Subsequently, the Korea Institute of Geoscience and Mineral Resources (KIGAM) signed an implementation arrangement (IA) for joint research on natural hydrogen with the Geological Survey of Canada.
An official at the Ministry of Trade and Industry (MOTI) said, "The two governments and KOTRA will support the smooth implementation of cooperation on imports and investments in energy and resources, including crude oil, LNG, and critical minerals, and will work together to resolve on-site difficulties faced by corporations."