OREANDA-NEWS. September 30, 2008. In the presence of Dmitry Medvedev, President of the Russian Federation and Lee Myung-bak, President of the Republic of Korea, Alexey Miller, Chairman of the Gazprom Management Committee and Lee Byung-Ho, Acting President – Director General of Kogas signed in Moscow a Memorandum of Understanding on natural gas supplies from Russia to Korea.

The Memorandum stipulates the possibility of laying a pipeline for natural gas supplies to the Republic of Korea across the Korean Peninsula, as well as performing joint surveys on this route.

The parties agreed to proceed with the commercial negotiations and to prepare the investment rationale for the project before the end of 2010.

A decision was also taken to explore the possibility of implementing projects in the area of gas processing, construction of a gas chemicals plant and an LNG plant in Russia’s Far East.

Alexey Miller and Lee Byung-Ho expressed their content with the working results of the Joint Working Group (JWG) of Gazprom and KOGAS, particularly when arranging Russian natural gas deliveries to the Republic of Korea.