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Wednesday, October 01, 2008

Gazprom and Kogas sign Memorandum of Understanding

Oct 01, 2008 - Oil&gas News - Today, in the presence of Dmitry Medvedev, President of the Russian Federation and Lee Myung-bak, President of the Republic of Korea, Alexey Miller, Chairman of the Gazprom Management Committee and Lee Byung-Ho, Acting President – Director General of Kogas signed in Moscow a Memorandum of Understanding on natural gas supplies from Russia to Korea. The Memorandum stipulates the possibility of laying a pipeline for natural gas supplies to the Republic of Korea across the Korean Peninsula, as well as performing joint surveys on this route. The parties agreed to proceed with the commercial negotiations and to prepare the investment rationale for the project before the end of 2010. A decision was also taken to explore the possibility of implementing projects in the area of gas processing, construction of a gas chemicals plant and an LNG plant in Russia’s Far East. Alexey Miller and Lee Byung-Ho expressed their content with the working results of the Joint Working Group (JWG) of Gazprom and KOGAS, particularly when arranging Russian natural gas deliveries to the Republic of Korea. Background: On October 17, 2006 Seoul saw the signing of the Agreement of Cooperation in the Gas Industry between the Government of the Russian Federation and the Government of the Republic of Korea, pursuant to which Gazprom and Kogas were identified as authorized companies overseeing natural gas deliveries from Russia to the Republic of Korea. At present, Gazprom and Kogas are in the relevant commercial talks. The Agreement of Cooperation between Gazprom and Kogas was signed on May 12, 2003 and extended for an additional five-year term in May 2008. The September 3, 2007 Order by the Russian Federation Industry and Energy Ministry approved the Development Program for an integrated gas production, transportation and supply system in Eastern Siberia and the Far East, taking into account potential gas exports to China and other Asia-Pacific countries (Eastern Gas Program). Gazprom was appointed by the Russian Federation Government as the Program execution coordinator. The Sakhalin – Khabarovsk – Vladivostok gas transmission system is a top priority project of the Eastern Gas Program.

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