Russia and Korea expand engineering partnership
Russian and Korean energy giants, Gazprom and Kogas will explore ways to deliver gas between the two countries, it emerged at a meeting in Moscow this month.
The companies signed an agreement during a meeting attended by Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Young Sung Park, Executive Vice President of Kogas.
The meeting centred on pipeline supplies of Russian natural gas to South Korea via North Korea;
special attention was also paid to commercial parameters of the project.
“The parties achieved progress in developing the efficient solutions needed for failsafe operation of the future gas transmission system”, said Gazprom in a statement.
“Based on the negotiations results, a decision was taken to expand engineering cooperation between the two companies and to arrange visits by dedicated experts to key gas transmission facilities in Russia and South Korea for their thorough inspection”, it added.
According to an Intergovernmental Agreement between the two countries, Gazprom and Kogas were identified as the companies authorised for overseeing natural gas deliveries from Russia to the Republic of Korea.
On 23 June as part of the working visit by Gazprom's delegation to the Republic of Korea, Alexey Miller, Chairman of the Company's Management Committee and Choo Kangsoo, President – CEO of Kogas signed the Agreement to jointly explore the natural gas supplies project. In pursuance of the Agreement a final report was issued in 2010.
The report studied options for natural gas supply from the terminal point of the Sakhalin – Khabarovsk – Vladivostok gas transmission system to the Republic of Korea.
On 15 September 2011 Gazprom and Kogas signed a Roadmap on natural gas supplies from the Russian Federation to the Republic of Korea. The Roadmap represents a plan of top-priority actions needed for the project implementation.