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Gazprom, KOGAS welcome gas supply agreement

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MOSCOW, December 20 (RIA Novosti) - Russian energy giant Gazprom and Korea Gas Corporation (KOGAS) are hoping that Russia and South Korea will soon sign an intergovernmental agreement on supplies of natural gas, Gazprom said Tuesday.

Gazprom's deputy chairman Alexander Ananenkov and senior vice-president of KOGAS Li Kyu Sun met in Moscow December 19 and discussed the possibility of preliminary talks on natural gas supplies from Russia to South Korea.

"Both sides expressed hope that in order to expedite the start of full-scale commercial talks and the signing of a contract on natural gas supplies from Russia to South Korea, the governments of respective countries could sign a relevant intergovernmental agreement soon," a Gazprom statement said.

South Korea occupies the 10th place in overall energy consumption in the world, the sixth place in oil consumption, the fourth place in oil imports, and the second place in liquefied natural gas (LNG) imports.

The South Korean government established KOGAS in 1983 and owns 62% of the company's stock.

The company imports LNG from around the world and supplies it to power generation plants, gas-utility companies and city gas companies throughout the country. KOGAS produces and supplies natural gas, purifies and sells gas-related by-products, builds and operates production facilities and distribution network, and explores, imports and exports natural gas for domestic and overseas markets.

Gazprom and KOGAS signed a five-year cooperation agreement on May 12, 2003.

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