On 4 August, Gazprom’s Headquarters hosted the 2nd meeting of Gazprom and KOGAS’ joint Working Group, presided by Alexander Ananenkov, Deputy Chairman of Gazprom’s Management Committee and Lee Kyu-Sun, Senior Executive Vice-President of Korea Gas Corporation (KOGAS).
The meeting addressed implementation of the Cooperation Agreement between Gazprom and KOGAS, including interaction in promising gas projects in the sci-tech and personnel training and qualification enhancement fields.
The parties laid special emphasis on Russian natural gas deliveries to the Republic of Korea.
In addition, the parties exchanged information on prospects of establishing in Eastern Siberia and the Far East a united gas production, transmission and supply network, taking into account potential gas exports to Asia Pacific as well as on the Korean gas market development trends.
“Russia’s Energy Strategy to 2020 pursues the objective of setting up a large gas production center in Eastern Siberia and the Far East. Local natural gas reserves available will allow us not only to meet gas demand of this region but also to export gas to Asia Pacific, including the Republic of Korea. At the same time, we’ll manage to exploit these resources in the most efficient manner, provided there is a comprehensive approach to developing fields and we construct a gas transmission network that’ll be part of Russia’s United Gas Transmission System,” – stressed Alexander Ananenkov.
A respective Protocol was signed at the end of the meeting.
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Due to limited gas reserves, the Republic of Korea is currently extracting gas in scarce amounts.
At present, 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 also the industrial and residential sectors are large gas consumers in the Republic of Korea.
Incorporated in 1983, Korea Gas Corporation (KOGAS) is 62%-owned by the State. KOGAS’ major business lines are construction and operation of LNG- (liquefied natural gas) reception terminals and gas-distribution networks; implementation of international gas projects; research and technical development for the gas industry. The company owns 3 LNG-reception terminals and a 2,442-km-long gas-distribution network.
Under the Cooperation Agreement on Russian natural gas deliveries to the Republic of Korea, dated 12 May 2003, Gazprom and KOGAS set up a joint Working Group for Cooperation between the Companies, which first convened in February 2004, in Seoul.
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