On Alexey Miller an d Kim Je Sop's working meeting
Gazprom’s Headquarters today hosted a working meeting between Alexey Miller, Gazprom’s Management Committee Chairman and Kim Je Sop, Extraordinary and Plenipotentiary Ambassador of the Republic of Korea in the Russian Federation.
The meeting focused on natural gas deliveries to the Republic of Korea on the platform of the Gazprom-developed Program on setting up an integrated gas production, transmission and supply network in Eastern Siberia and the Far East.
The parties highly appreciated the results of cooperation between Gazprom and South Korean companies, KOGAS in the first place.
Alexey Miller and Kim Je Sop also addressed the preparation of a Russian-Korean inter-governmental agreement on cooperation in the gas business.
Due to limited gas reserves, the Republic of Korea currently extracts insignificant amount of gas.
The Republic of Korea is the world’s tenth energy consuming, sixth oil consuming, fourth oil importing and second LNG importing country.
At present, the Republic is substantially dependent on LNG imports.
The South Korean gas market is currently featured by a manifold gas transmission network linking onshore LNG terminals with major consumption provinces, thus, largely contributing to both the power generation sector and industry & population being the country’s large gas consumers.
Founded in 1983, the Korea Gas Corporation (KOGAS) is 62% state-run. KOGAS’ major business lines are the construction and operation of LNG-reception terminals and gas distribution stations, implementation of international gas projects and research for the gas industry. The company owns 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 deliveries to the Republic of Korea. To implement the Agreement, the parties set up a permanent Joint Working Group for cooperation between the companies. The Group convened on its first meeting in February 2004 in Seoul.
Information Directorate, OAO Gazprom