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GAZPROM

July 6, 2004

Outcomes of Alexey Miller and Oh Kang-Hyun's working meeting

A working meeting between Alexey Miller, Gazprom's Management Committee Chairman and Oh Kang-Hyun, President of the KOGAS Korea Gas Corporation was held today at Gazprom's Headquarters.

The meeting addressed prospects of bilateral cooperation and issues of Russian natural gas exports to the Republic of Korea.

Alexey Miller informed Oh Kang-Hyun of the progress in implementing the Program on setting up an integrated gas production, transmission and supply network in Eastern Siberia and the Far East, taking into account potential gas exports to the Asia-Pacific.

The parties reached an accord to continue the talks on gas deliveries and the preparation of a respective Draft contract within a joint Working Group.

Reference

Due to limited gas reserves, the Republic of Korea isn't currently engaged in gas production.

At present, the Korean gas market is fully dependent on liquefied natural gas (LNG) imports. In 2003, Korea imported 18 million tons of LNG. Thanks to a manifold gas transmission network linking onshore LNG terminals with major consumption provinces, the country's large gas consumers are not only the power generation but the manufacturing and residential sectors, as well.

Formed back in 1983, the KOGAS Korea Gas Corporation is 62%-owned by the State. The company's core businesses are construction and operation of LNG-reception terminals and gas distribution networks, implementation of international gas projects, research&development in the gas industry. KOGAS possesses three LNG-reception terminals and a 2,442-km-long gas pipeline network.

On 12 May 2003, Gazprom and KOGAS entered into a 5-year Agreement on cooperation in Russian natural gas supplies to the Republic of Korea. To implement the Agreement, the parties set up the constantly functioning Working Group for Cooperation between the Companies.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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