Study On The Path Of Energy Cooperation In Northeast Asia

Regional energy cooperation in Northeast Asia began in the 1990s,based on the strengths of geographic proximity and high complementarity in terms of energy supply and demand,technology and capital.Up to now,Northeast Asia has achieved certain cooperation achievements in regional energy trade and investment,construction of oil and gas transportation pipeline network,construct ion of dialogue and exchange platform and energy technology.However,energy cooperation in Northeast Asia is proceeding slowly due to the obstacles of Competition in energy sector,lack of strategic trust,constraints from outside powers,and lack of theoretical system of regional energy cooperation.At present,compared the regional energy cooperation with North America and Europe,the level of energy cooperation in Northeast Asia is relatively low,and its approaches to cooperation is too single,so that is difficult to meet the needs of the regional energy security.As the major energy consumers and importers,China,Japan and Korea still face the serious issues of energy supply security and Asian premium,and Russia also faces energy export security issues.Therefore,it is necessary to promote energy cooperation in Northeast Asia further to ensure energy security of all countries in the region.In recent years,many changes have taken place in the world energy lands cape,bringing new opportunities for energy cooperation in Northeast Asia.Firstly,increased oil and gas production in North America has increased Russia's willingness to deepenenergy cooperation with Northeast Asian countries.Secondly,the low oil price in the world brings opportunities for the construction and cooperation of energy reserves in Northeast Asia.Thirdly,the diversification of energy import in Northeast Asia is conducive to the construction and cooperati on of energy financial markets in Northeast Asia.Fourth,shale oil and gas investment cooperation will be the new content of energy cooperation in Northeast Asia.In addition,China's “One Belt And One Road” initiative will also boost the energy cooperation in Northeast Asian.Based on the need of energy security and favorable situation of energy cooperation,Northeast Asian countries should rethink how to promote the energy cooperation in Northeast Asian further.In this regard,this paper explores and demonstrates three possible paths for promoting regional energy cooperation th rough multiple channels in Northeast Asia.Furthermore,each path is studied a nd explained in detail in this paper.Firstly,increase the cooperation of energy trade and investment in Northeast Asia.According to the current energy structure,energy strategy and policy,energy market openness in Northeast Asia,this paper holds that the cooperation of energy investment among countries in Northeast Asia can be strengthened in such aspects as investment and development of oil and gas in Russia,investment and development of shale gas in China,investment of energy refining and chemical,investment in the construction of energy transport pipeline network and infrastructure,and signing intergovernmental agreement on investment promotion and protection and energy transit transport protection.At the same time,cooperation can be strengthened in such aspects as increasing oil and gas trade between Russia and China,Japan and South Korea,increasing oil products trade between China,Japan and South Korea,and signing preferential trade a greements among governments on petroleum products.In addition,China,Japan and South Korea can strengthen cooperation in energy trade and investment o utside the region.Secondly,advance cooperation on oil reserves in Northeast Asia.According to the petroleum reserve in Northeast Asia and its cooperation status,the change of petroleum reserve cooperation environment and the international petrole um reserve cooperation experience,this paper holds that the Northeast Asian countries should enhance the exchange and sharing of oil storage technology,experience and data at first.Second,cooperation in the coordinated use of oil reserves and the sharing of oil reserves can be carried out.Third,cooperation can be made on the establishment of common oil reserves between consuming an d consuming countries and between consuming and producing countries.Thirdly,strengthen the cooperation of energy financial markets in Northeast Asia.According to the present situation of energy financial markets and their cooperation in Northeast Asia and the international experience of energy financial market construction and cooperation,this paper argues that cooperation can be strengthened on the construction of Northeast Asian energy financial trading platform firstly,including cross-shareholding cooperation among the international exchanges that have been tried before,establishing a new Northeast Asian energy financial trading platform and the technological interconnection of tradi ng platform.Second,cooperation on energy futures products in Northeast Asia can be strengthened,such as developing and listing energy futures products jointly,cross-listing energy futures products among exchanges of different countries,and cooperation with futures companies in other Northeast Asian countries to develop the market.Third,in order to guard against financial risks brought a bout by the opening and cooperation of energy financial markets,Northeast Asian countries should strengthen the cross-border supervision cooperation in energ y and financial markets at the government level as well as at the self-regulatory organization level,involving the prevention of manipulation and access to for eign customer information.The research on the path of energy cooperation in Northeast Asia of this paper has a strong originality.There are a lot of researches on the energy coo peration in Northeast Asia previously,but most focus on demonstrating the necessity and feasibility of the cooperation,and analyzing the problems and obstac les existing in the cooperation,etc.Even though many scholars put forward to strengthen cooperation in energy trade and investment and oil reserves,but no further explanation of these cooperation contents has been made by scholars,and no scholars have proposed specific measures.In a manner of speaking,this study not only enriches the theory of regional energy cooperation and economic cooperation in Northeast Asia,and expands the content of the research of energy cooperation in Northeast Asia,and has opened up a new research direction for the researchers in this field,but also will provide practical guidance for regional energy cooperation and even regional economic cooperation in Northeas t Asia and other regions.