Gazprom and Kogas discuss cooperation

Nov 18, 2003 01:00 AM

Gazprom CEO Alexei Million and the president of South Korea's Kogas, Oh Kang-Hyun, discussed possible joint participation in Eastern Siberian and Far Eastern gas projects.
The two company chiefs also discussed the prospects for exporting Russian natural gas (including liquefied gas) to the countries of the Western Pacific Rim. They praised the rapid development of business relations between their respective companies.

Miller and Oh agreed that a joint working group set-up this summer will discuss specific avenues for cooperation in such fields as gas marketing, implementing oil and gas projects in both countries and elsewhere, scientific and technical cooperation and personnel training.
"We place great significance on the development of relations with the Korean Republic. Gazprom's and Kogas' potential make it possible to create all the necessary conditions for wide-ranging, long-term and mutually beneficial cooperation," Miller was quoted as saying.

The two companies signed a cooperation deal on May 12 this year. They undertake to study the possibility of working together in shipping Russian natural gas to Korea, also to work through options for carrying out joint projects in third countries. They also plan joint projects in gas extraction and transportation, and to work up and carry out financial and investment programs ensuring the joint implementation of gas projects.
Korea's natural gas reserves are extremely limited, and no active production is going on now at the country's deposits. On the other hand, gas consumption in Korea came to 21.9 bn cm last year and is thought capable of increasing by half by 2010, of doubling by 2020.

Source: Interfax
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