The Gazprom Headquarters hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Choo Kangsoo, President of Kogas.

The parties discussed the prospects for cooperation development in the oil and gas sector, addressing in particular the issues with regard to implementing the provisions of the Memorandum of Understanding on natural gas supplies from Russia to Korea.

Background:

On May 12, 2003 Gazprom and Korean Kogas signed the five-year Agreement of Cooperation, which was extended for another five-year term in 2008. The Agreement embraces a wide spectrum of issues including the exploration of possible ways to supply Russian natural gas to Korea.

To implement the Agreement the parties set up the standing Joint Working Group.

On October 17, 2006 Seoul saw the signing of the Agreement of Cooperation in the Gas Industry between the Government of the Russian Federation and the Government of the Republic of Korea, pursuant to which Gazprom and Kogas were identified as authorized companies overseeing natural gas deliveries from Russia to the Republic of Korea.

On September 29, 2008 Gazprom and Kogas signed the Memorandum of Understanding on natural gas supplies from Russia to Korea.