Korea boosts energy cooperation with natural resource-rich W.Australia

South Korea has boosted its energy cooperation with Western Australia, the biggest of Australia's six states and packed with natural resources.

Minister of Trade, Industry and Energy Lee Chang-yang on Monday concluded a letter of intent with Western Australia Premier Mark McGowan at the Lotte Hotel Seoul for the purpose.

Western Australia is the largest of Australia's six states with abundant reserves of minerals and liquefied natural gas (LNG).

The resource-rich state leads the world in annual lithium output with 55,000 tons and ranks third globally in the output of cobalt, fourth in that of rare earth metals and manganese, and fifth in that of nickel.

In addition, the ministry noted the massive potential for green hydrogen production in Western Australia thanks to its vast area.

The state has advantages in producing clean hydrogen and ammonia based on solar power from high solar radiation in the north and wind power with a 45% utilization rate in the central and western regions.

South Korea's advantage is its application of technology for things like hydrogen-powered vehicles.

Minister Lee and Premier McGowan agreed on the need for continued collaboration in steel and LNG, two traditional sectors of bilateral cooperation, the ministry added.

Write to Ji-Hoon Lee at lizi@hankyung.com