GAZPROM, SOUTH KOREA DISCUSS SINGLE GAS PRODUCTION SYSTEM

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MOSCOW, May 28 (RIA Novosti) - Stanislav Tsygankov, chief of the foreign relations department of Gazprom, Russia's natural gas giant, Yun Song kyu, General Director of the South Korean Ministry of Commerce, Industry and Energy, and executives of Korea's major oil and gas companies and banks met to discuss prospects for establishing a single system of gas production in eastern Siberia and the Far East, transportation and supplies.

"The emergence of a single gas production network in eastern Russia and relevant inter-government contracts will promote long-term and secure natural gas deliveries to South Korea similar to current gas exports to Europe," said Mr Tsygankov, whose words were cited in a Gazprom press release.

The conferees also looked into the implementation of the cooperation agreement between Gazprom and Korea Gas company, Kogas, dated May 12, 2003.

South Korea does not have sufficient gas reserves. It has therefore suspended gas production at home.

The country is dependent on liquefied gas imports. In 2003, it imported 18 million tonnes of liquefied gas.

Kogas, which was founded in 1983, runs South Korea's gas transportation network.

Gazprom and Kogas set up a bilateral committee on cooperation, which held its maiden meeting in Seoul in February 2004.

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