1. The Ministry of Foreign Affairs, together with the Ministry of Trade, Industry and Energy, will host in Seoul on June 17 an “International Oil Hub Symposium” on strengthening oil security in Northeast Asia by building an oil trading hub in the region.

2. At the symposium, the Foreign Ministry’s Ambassador for Climate Change Choi Jai-chul and Representative Park Min-sik of the ruling Saenuri Party will deliver opening and congratulatory remarks, respectively. The symposium will also feature presentations by experts from the world’s leading financial, port and logistics organizations related to energy, including the Port of Rotterdam Authority of the Netherlands; the Energy Policy Research Foundation, Inc. (EPRINC) in Washington, the US; the energy price reporting agency Argus in London, the UK; the ICE (Intercontinental Exchange) Futures Europe; and the Institute of Energy Economics Japan (IEEJ). The participants from the ROK will include oil hub experts from Ulsan Port Authority and Korea National Oil Corporation, who will speak about the operations and experiences of the world’s three largest oil hubs as well as the ROK’s efforts to build the world’s fourth-largest oil hubs in Ulsan and Yeosu.

° The participants will also engage in in-depth discussions on ways for countries in Northeast Asia to work together toward a new oil hub in the region, including constructing oil storage and docking facilities as well as other forms of infrastructure; easing relevant laws and regulations; and financial considerations.

3. Amid rapid changes in the international demand for and supply of oil, Northeast Asia, one of the world’s major oil consuming markets, faces a need to strengthen its oil security. In this light, the symposium is expected to serve as an opportunity for countries in Northeast Asia to promote their cooperation to build a new oil hub in the region. And such cooperation, in turn, is expected to play a role in the substantive implementation of the ROK government’s Northeast Asia Peace and Cooperation Initiative, which calls for building trust among countries in the region through dialogue and cooperation.

4. The Foreign Ministry will continue its efforts to strengthen its oil security in Northeast Asia by building an oil trading hub in the region. To this end, it will participate proactively in bilateral and multilateral consultative bodies on energy as well as gather relevant information and build networks through its overseas diplomatic missions. 


                Spokesperson and Deputy Minister for Public Relations of MOFA

* unofficial translation