• 4 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 9 minutes Time For Reaction: Trump Presses OPEC to Reduce Prices as Crude Trades Near $80
  • 15 minutes Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
  • 3 hours Global Hunger Continues to Grow Driven By Climate Change
  • 18 hours Toyota Agreed To Add Android Auto To Its Vehicles
  • 19 hours China Tariff Threatens U.S. LNG Boom
  • 10 hours So about that psychological oil price ceiling of $80 ... Trump's Twitter sledgehammer is right on cue, again
  • 7 hours Why Are the Maldives Still above Sea Level?
  • 23 hours Transition Time: Volkswagen Announces "Electric for All" Campaign
  • 10 hours A Buffett-type Solution and Canada's Problem
  • 1 day WTI now at $70+ headed for $50s
  • 18 hours Google And Facebook Lead Digital's March To Half Of The U.S. Ad Market
  • 1 day So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 19 hours Big Oil Costs Can't Go Much Lower
  • 1 day Tesla 'Headed For The Graveyard'
  • 19 hours As EU Divisions Deepen, Macron Stakes Out Electoral Turf
Oil Companies Slash Debt To Pre-Crash Levels

Oil Companies Slash Debt To Pre-Crash Levels

According to new research from…

Will Canada’s $30 Billion Megaproject Be Approved?

Will Canada’s $30 Billion Megaproject Be Approved?

After removing almost all obstacles,…

Gazprom, South Korea Revive Talks To Build Gas Pipeline Via North Korea

pipeline

Russian gas giant Gazprom has resumed talks with South Korea over a decade-old idea to build a gas pipeline from Russia’s Far East to South Korea through North Korea, Vitaly Markelov, Deputy Chairman of Gazprom’s Management Committee, said on Friday.

“To date, the political situation has been somewhat different, and the South Korean side has asked Gazprom to resume the project, and a series of talks has been held on this issue, and these talks are continuing,” Russia’s TASS news agency quoted Markelov as saying at a news conference today.

Russian giant Gazprom had the idea to deliver 10 bcm of natural gas to the resource-poor and import-dependent South Korea by pipeline, but its route must pass through the territory of North Korea. Russia and South Korea signed a “road map” in 2011, but have not advanced beyond that, due to the tense regional situation.

“The ideas behind the pipeline look very difficult to implement, especially given the complex political-military context continuing on the Korean peninsula, and the obvious political risks. However, if there is political will and a mutual commitment, this project could take place, strengthening not only energy, but also military and political security in this rather turbulent region,” Gazprom said in a corporate newsletter back in October 2012.

Related: The Bullish And Bearish Case For Oil

At the end of March, South Korea’s Foreign Minister Kang Kyung-wha said that the idea of the Russian gas pipeline to South Korea via North Korea could be revived if the security situation on the Korean peninsula improved.

“Should the security situation on the Korean Peninsula improve, we will be able to review the PNG [pipeline natural gas] business involving the two Koreas and Russia,” Kang said at the time, as carried by the Yonhap news agency.

Between March this year and this week, the political situation around the Korean peninsula indeed changed after a meeting between South Korean President Moon Jae-in and North Korean leader Kim Jong-un in April, and this week’s U.S.-North Korea summit in Singapore.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News