On February 19-20, Seoul hosted the 1st meeting of the Joint Working Group for Cooperation between Gazprom and the Korea Gas Corporation (KOGAS). Alexander Ananenkov, Deputy Chairman of Gazprom’s Management Committee and Co-Chairman of the Joint Working Group, headed Gazprom’s delegation during the visit to the Republic of Korea.

The parties discussed a wide range of issues of mutual interest, including the prospect for Russian gas deliveries to the Republic of Korea, sci-tech cooperation in staff training and development, etc.

“The Republic of Korea may become one of the promising markets for Russian gas deliveries to Asia Pacific from the United Gas Supply System that will be set up in eastern Russia and will ensure secure integrated Russian natural gas supplies. We’re maintaining such an approach based on the Program for establishing the East Siberian and Far Eastern natural gas production and transportation system, being elaborated under the order of the Government of the Russian Federation,” – stated A. Ananenkov.

The parties expressed their willingness to continue the dialogue on the prospect for Russian gas deliveries to the Republic of Korea and on other directions of cooperation within the scope of activities of the Joint Working Group.

At the end of the meeting the parties signed relevant documentation.

Reference:

The Joint Working Group for Cooperation between Gazprom and the KOGAS Gas Corporation was established pursuant to the Cooperation Agreement between the 2 companies, dated May 12, 2003.

The Korea Gas Corporation was set up in 1983. The state owns 62% of the KOGAZ’s stake. KOGAZ’s major business lines are construction and operation of LNG (liquefied natural gas) terminals and gas-distribution networks; implementation of foreign gas projects; research and technical development for the gas industry. The company owns 3 LNG terminals and a 2,442-km-long gas-distribution network.

The KOGAS company is the leading LNG importer to the Republic of Korea and owns a network of LNG terminals. In 2003, LNG deliveries to the Republic of Korea totaled 26.62 bcm. This year, KOGAS plans to import 27.4 bcm of LNG.

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