Gazprom and the Korean gas corporation Kogas have discussed the arrangement of Russian gas supply to South Korea

Thursday, May 19, 2022

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The biggest Russian gas holding Gazprom and the Korean gas corporation Kogas have discussed the arrangement of Russian gas supply to South Korea, the Gazprom press release says. The matter was under discussion on Thursday at the second sitting of the joint working group, chaired by Alexander Ananenkov, deputy chairman of the Gazprom board, and Li Kyu Sun, senior vice-president of Kogas. They considered realisation of the Gazprom-Kogas cooperation agreement and discussed specific directions of interaction on promising gas projects in the technological field, preparation and improving the skills of personnel. The sides exchanged information on the perspective for creating in East Siberia and the Russian Far East an integrated system for the production, transportation and supply of gas with an eye to the possibility of its export to countries in the Asia-Pacific region, as well as trends in the development of the South Korean gas market. "Russia's energy strategy until 2020 targets the creation of a big gas producing centre in East Siberia and the Far Eastern region. Their reserves of natural gas permit not only meeting the demand of the region but also exporting it to countries in the Asia-Pacific region, including South Korea. At the same time, their most efficient use is possible only with a comprehensive approach to field development and the building of a gas transport system, which will become part of the Russian single gas-supply system", Ananenkov said. His words are cited in the press release. South Korea's own reserves of gas are scarce and today's production is insignificant. South Korea's gas market actually fully depends on the import of liquefied natural gas. In 2003 that country imported 18 million tonnes of such gas. The country has a ramified gas-transport network, connecting the coastal terminals with the basic consumer centres. Thanks to this, the largest consumers of gas are not only producers of electricity but also industry and the population. On May 12, 2003 Gazprom and Kogas concluded a five-year agreement on cooperation in the supply of Russian natural gas. To realise this agreement the sides have set up a permanent joint working group for cooperation between the two companies. The first sitting was held in Seoul in February 2004.

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