Regional LNG: Kogas interested in developing Russian gas fields

Korean gas company Kogas is interested in participating in the development of gas fields in Russia and in joint investment with Russian partners, Kogas President Oh Kang Hyun said during a Russian-Korean business meeting in Moscow on Wednesday as reported by Interfax News Agency.

He said that Kogas, as the main operator for gas imports into Korea, is interested in increasing imports, particularly from Russia. He said that gas consumption in Korea is growing very rapidly.

In 2003, Korea consumed about 19 million tons of liquefied natural gas (LNG), which is 16 percent of the world's total LNG consumption. However, from 2008 Korea expects to experience a shortage of 5 million tons, and by 2020 - about 20 million tons of LNG.

He said that the Kogas import policy is to ensure long-term, stable gas supplies and gas should be competitive in terms of price and flexibility of supplies. In addition, an important element of the company's import policy is to diversify sources. The company is also considering joint investment with gas suppliers.

He said that the main Kogas joint project in Russia is the development of the Kovykta gas condensate field. (*)