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GAZPROM

September 6, 2006

On working meeting between Alexey Miller and Lee Su Ho

Today Gazprom Headquarters has hosted a working meeting of Alexey Miller, Chairman of Gazprom Management Committee, and Lee Soo Ho, CEO of the Korea Gas Corporation Kogas.

The meeting mainly discussed the implementation progress of an Agreement for cooperation between the two companies and preparation of signing Intergovernmental Agreement for gas deliveries to Korea. The session pondered on pipeline exports from Russia, as well as deliveries of liquefied and compressed natural gas.

The parties agreed on launching spot LNG deliveries to Korea taking into consideration Gazprom experience in this sphere.

In addition the meeting discussed possible cooperation for setting up synthetic liquid fuels facilities in Russia and scientific and engineering cooperation.

Reference:

At present Korean gas market almost completely depends on LNG import. The peculiar element of the Korean gas market is an occurrence of advanced internal gas transmission networks connecting onshore LNG terminals with the main gas consumption centers in Korea enabling to use natural gas not only for power generation but also in industrial and municipal sectors of the economy.

Gazprom and Kogas entered into a five-year Agreement on cooperation on May 12, 2003. The Agreement covers a wide range of issues including a possibility of launching Russian gas deliveries to Korea. The parties have set up a joint working group aimed at implementing the Agreement. The joint working group had the last meeting at Gazprom Bogorodskoe villa in July 2006.

Kogas was established in 1983. The government owns 62 per cent of the Company’s shares. Mainly, Kogas is involved in construction and operation of LNG terminals and gas distribution networks, implementation of international gas projects, research and technical development. The Company operates three LNG terminals.

 

 

 

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