Gazprom’s Headquarters has hosted a working meeting between Alexander Ananenkov, Deputy Chairman of Gazprom’s Management Committee, and Son Hee Soo, Executive Vice-President of KOGAS Korea Gas Corporation.

The meeting addressed issues in relation to cooperation deepening between Gazprom and KOGAS.

The parties appreciated a Joint Working Group’s activity within the Agreement on cooperation signed.

Alexander Ananenkov and Son Hee Soo discussed the prospects for Gazprom’s gas supply to the Republic of Korea through an integrated export channel.

The parties pointed to the need of shortly signing a Russian-Korean Intergovernmental Agreement on cooperation in the gas sector.

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At present, the Republic of Korea is almost fully dependent on LNG imports. The South Korean gas market is featured by a manifold gas transmission network linking onshore LNG terminals with major consumption provinces, which helps widely use natural gas both in the power generation and industrial & household sectors.

On May 12, 2003, Gazprom and KOGAS entered into a five-year Agreement on cooperation. The Agreement covers a broad spectrum of issues including potential deliveries of Russian natural gas to the Republic of Korea.

To implement the Agreement, the parties have set up a permanent Joint Working Group, which had its last meeting in December 2005 in Seoul.

Founded in 1983, KOGAS Korea Gas Corporation is 62% state-run. KOGAS’ major business lines are construction and operation of LNG import terminals and gas distribution stations, implementation of international gas projects and research for the gas industry. The company owns three LNG import terminals.