South Korea and China agreed Tuesday to deepen ties for energy security, amid high global oil prices, including sharing technologies for building strategic oil reserves on South Korea's part, Houston Chronicle reported. Under the agreement, South Korea and China agreed to pursue joint projects in the fields of renewable energy, oil reserves, electricity and gas, said South Korea’s Ministry of Commerce, without mentioning exactly how the two countries will cooperate. South Korea and China also agreed to increase exchanges between small- and medium-sized businesses and increase cooperation in their industrial policies, according to the ministry. Currently, the South Korean government and the private sector collectively hold about 150 million barrels of crude oil and oil product reserves in underground and above-ground storage tanks.