Russia, China and South Korea progress in joint gas project

Nov 14, 2003 01:00 AM

Russia's oil company Rusia Petroleum, Chinese National Petroleum Corporation (CNPC) and the South Korean gas corporation Kogas have signed a report on the feasibility studies in the Kovykta project in Moscow.
According to Viktor Vekselberg, the Chairman of the Board of Rusia Petroleum, the signing of this report is just the first stage denoting that this project is realistic, efficient and that it will be implemented. At the second stage, the governments of countries participating in this project will approve international feasibility studies, and then commercial negotiations on the project's implementation will be held.

The Rusia Petroleum head stated an important role that this project would play for the Russian economy. He noted it would boost the economic development of Eastern Siberia, the Irkutsk region and some other parts of Russia where a gas pipeline from the Kovykta field would pass.
The volume of Kovykta reserves is between 1.4 and 1.9 tcm of natural gas. Gas transportation via the pipeline is planned to start in 2008.

Source: RBC
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