Russian gas supplies to S. Korea may begin in 2012

Russian gas supplies to S. Korea may begin in 2012

RBC, 17.10.2006, Seoul 13:46:56.Russian natural gas supplies to South Korea may begin in 2012 or 2013, Gazprom CEO Alexei Miller told reporters in Seoul today. Russia expected to sell about 10 billion cubic meters a year, Miller said. The project envisages the signing of a long-term contract for more than 30 years, and the size of the supplies could be increased in future.

The intergovernmental agreements on gas cooperation give a green light to commercial negotiations between Gazprom and the Korea Gas Corporation (KOGAS). "We have immediately begun talks on gas supplies from Russia to South Korea," Miller stressed. He said different gas pipeline routes were being considered. There are two options - a sea route or a land route. The value of the land route is estimated at almost $2 billion, according to Miller.