Today, the Gazprom Headquarters has hosted a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Lee Kyu Hyung, Extraordinary Ambassador and Plenipotentiary of the Republic of Korea to Russia.

The parties positively evaluated the progress with the Agreement of cooperation in the gas sector between the Government of the Russian Federation and the Government of the Republic of Korea. Particularly, the parties pointed to the active cooperation between Gazprom and Kogas for the organization of LNG supply from Russia to Korea as well as to constructive dialog conducted between the two companies within the commercial talks on Russian pipeline gas export.

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Korean gas market almost completely depends at present on LNG import. The peculiar element of the Korean gas market is an occurrence of advanced internal gas transmission networks connecting onshore LNG terminals with the main gas consumption centers in Korea enabling to use natural gas not only for power generation but also in industrial and municipal sectors of the economy.

The Intergovernmental Agreement of cooperation in the gas sector signed on October 17, 2006, appoints Gazprom and KOGAS to be authorized organizations to implement the Agreement on Russian gas deliveries to the Republic of Korea.

In October 2006 Gazprom Marketing and Trading Ltd. (GMT) (Gazprom Group subsidiary) firstly supplied LNG to Korea. Secondly LNG was supplied in January 2007.