OREANDA-NEWS. April 22, 2009. Alexey Miller, Chairman of the Gazprom Management Committee held today at the Company’s Headquarters a meeting dedicated to the arrangement of Russian gas deliveries to the Republic of Korea.

Participating in the meeting were Deputy Chairmen of the Management Committee: Alexander Ananenkov, Alexander Medvedev and Valery Golubev, Member of the Management Committee Vlada Rusakova as well as heads and experts from Gazprom’s Administration specialized subdivisions.

The meeting participants deliberated on the progress in the Memorandum of Understanding between Gazprom and Kogas aimed at delivering Russian natural gas to Korea. Special emphasis was put on the preparation of the investment rationale for the project. The discussion also included possible scenarios of gas transportation and the status of the commercial talks between the parties.

The meeting emphasized the availability of favorable opportunities for the bilateral cooperation in the gas processing and gas chemistry sectors as part of the Eastern Program.

Background:

On May 12, 2003 Gazprom and Korean Kogas entered into the five-year Cooperation Agreement, which was 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.

To implement the Agreement the parties set up the standing Joint Working Group.

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.

On September 29, 2008 Gazprom and Kogas signed the Memorandum of Understanding on natural gas supplies from Russia to Korea.