By Jung Sung-ki
Staff Reporter

A leading research institute Monday called for the formation of a triangular network among South Korea, Japan and China to secure energy in Northeast Asia as well as to ensure the balance between supply and demand and the diversification of energy resources.

In a report titled ``Energy Security and Cooperation in Northeast Asia’’, assistant professor Lee Jae-seung at the Institute of Foreign Affairs and National Security (IFANS) underscored the need to establish the network to resolve the ongoing energy problems affected by an unstable situation in the Middle East and the increase in oil importing by China.

``Russia is now the only energy supplier in the region while South Korea, Japan and China are the consumers,’’ professor Lee said. ``The dissymmetrical structure that demand exceeds the supply will result in high oil prices and ineffective energy distribution in the region in the foreseeable future.’’

``So close cooperation under a triangular framework among the three countries is important to improve market circumstances that will be beneficial to consumers,’’ he added.

Common reserves for crude oil and a co-project for the connection of electricity and gas pipelines would be the areas for the three countries to work on together once a regional framework is formed, Lee explained.

He also emphasized South Korea’s role in the envisaged framework to develop a strategic and proactive diplomacy, saying that South Korea can hold a ``casting vote’’ between Japan and China, in consideration of the South’s substantial energy demand.

South Korea has recently joined the ``energy war’’ between China and Japan over access to a vast oil reserve in Siberia. China wants Russia to build a $3 billion pipeline to its own oil center at Daqing while Japan wants the pipeline to go the Russian port of Nakhodka, from where oil could be shipped to Japanese buyers.

gallantjung@koreatimes.co.kr