Japan and South Korea are expected to reach an agreement on joint crude oil reserves to strengthen energy security cooperation

```htmlGolden Ten Data May 19 — According to Nikkei News, Japanese Prime Minister Sanae Takaichi and South Korean President Lee Jae-myung are expected to reach an agreement at the summit scheduled for Tuesday, establishing a framework for cooperation in crude oil procurement, including the creation of a joint reserve mechanism. Sanae Takaichi will visit South Korea from Tuesday to Wednesday, as part of ongoing "shuttle diplomacy" between the two countries. The situation in the Middle East is expected to be one of the key topics during the talks. The joint reserve plan will utilize the "Partnership for Oil, Wealth, Energy and Resource Resilience" (POWERR), an energy framework announced by Sanae Takaichi in April in collaboration with Southeast Asia. POWERR Asia aims to support the construction of energy supply systems, especially in Asian countries with insufficient oil reserves. When enterprises procure crude oil from regions outside the Middle East, they will receive financial support via institutions such as the Japan Bank for International Cooperation. Japan and South Korea will cooperate not only in financial support but will also jointly provide technical assistance to build an oil reserve system.```