SK Chairman Proposes $300 Billion Korea-Japan Energy Market Integration

SK Group Chairman Chey Tae-won proposed creating a Korea-Japan economic community modeled on the EU. As a first step, he called for joint energy procurement: the two countries spend about $300 billion a year on fossil fuel imports, which could cut costs by 5-10%.

• Chey Tae-won proposed a Korea-Japan economic community modeled on the EU
• Combined fossil fuel imports of the two countries total about $300 billion a year
• Pooling purchases and storage could cut costs by 5-10%
• Combined GDP of the bloc would exceed $6 trillion, near the world's fourth-largest economy