Gazprom's Korean supply deal

Kogas, Korea's gas company

According to Gazprom's press centre, the company's Deputy Chairman of the Gazprom Management Committee, Alexander Ananenkov has held a meeting to arrange natural gas supplies to South Korea.

The two countries have had a productive working arrangement over the past decade with Gazprom and Korean gas company Kogas entering into a five-year Cooperation Agreement in May 2003. This was further extended for another five-year term in 2008. The Agreement embraces a wide spectrum of issues including the study of possible ways to deliver Russian natural gas to Korea.

Project execution

In a press statement, Gazprom said the two countries were sending representatives of the companies' specialized subdivisions and subsidiaries.

"The participants reviewed the progress with the studies currently performed by Gazprom and Kogas on the project for arranging Russian natural gas supplies to Korean consumers. Based on the meeting results Gazprom's specialized subdivisions and subsidiaries were entrusted with the tasks aimed at completing the studies and preparing managerial decisions aimed at the project execution."

The countries have a long standing working relationship - 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.

Two years later on September 29, 2008 Gazprom and Kogas signed the Memorandum of Understanding on natural gas supplies from Russia to Korea while on June 23, 2009 Gazprom and Kogas signed the Agreement to jointly explore the project for natural gas supply from the Russian Federation to the Republic of Korea.

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