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S.Korea, Russia Agree to Cooperate in Oil, Gas Development
South Korea and Russia Monday agreed to cooperate in the future development of petroleum and natural gas in Siberia, Russia.
The agreement was reached at the fourth South Korea-Russia resource cooperation committee meeting.
Both nations agreed to cooperate in developing gas fields in Irkutsk and resources in the Yurubcheno-Tokhomskaya region.
The two nations, along with China, will complete ongoing profitability and feasibility studies of an Irkutsk gas field by the first half of next year and look into the possibility of laying a gas pipeline through the Democratic People's Republic of Korea.
At the meeting, Russia suggested that South Korean companies take part in international bids for oil and gas development projects on Sakhalin Island, and South Korea gave a positive response.
This meeting marked the most substantial progress since Russian President Vladimir Putin's visit to Seoul in February, said a spokesman for the Ministry of Commerce, Industry and Energy.
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