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GAZPROM

May 28, 2004

Outcomes of working meeting with representatives of Republic of Korea

Yesterday, at Gazprom’s Headquarters, Stanislav Tsygankov, Head of Gazprom’s Foreign Relations Department, held a meeting with, Yun Song Kyu, General Director of the Commerce, Industry and Energy Ministry of the Republic of Korea and representatives of the leading South Korean oil and gas companies and banks.

The parties deliberated on the prospect of establishing an integrated gas production, transmission and supply system in Eastern Siberia and the Far East and expressed a common opinion that the Republic of Korea was one of promising markets to be supplied with Russian gas.

“By establishing an integrated gas transmission system in eastern Russia and signing relevant inter-governmental agreements, we’ll have favorable environment for effecting secure and long-term Russian natural gas deliveries to the Republic of Korea in the same way Russian gas is being exported, at present, to Europe,” – stated Stanislav Tsygankov.

The parties also addressed issues related to the implementation of the Cooperation Agreement adopted between Gazprom and the Korea Gas Corporation (KOGAS) on 12 May 2003.

Reference:

Due to limited gas reserves, the Republic of Korea isn’t currently producing gas.

The South Korean gas market fully depends on liquefied natural gas (LNG) imports. In 2003, Korea imported 18 million tons of LNG. The country counts on a manifold gas transmission system connecting onshore LNG-reception terminals with major consumption areas. As a result, not only the power generation sector but the industrial and residential sectors, as well, are large gas consumers in the Republic of Korea.

South Korean gas transmission networks are operated by KOGAS incorporated in 1983. KOGAS’ major business lines are construction and operation of LNG (liquefied natural gas)-reception 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.

Under the Cooperation Agreement adopted between Gazprom and KOGAS, dated 12 May 2003, the parties set up the Joint Committee for Cooperation, which first convened in February 2004, in Seoul.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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