• 14 hours Shell Oil Trading Head Steps Down After 29 Years
  • 18 hours Higher Oil Prices Reduce North American Oil Bankruptcies
  • 20 hours Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 21 hours $1.6 Billion Canadian-US Hydropower Project Approved
  • 23 hours Venezuela Officially In Default
  • 1 day Iran Prepares To Export LNG To Boost Trade Relations
  • 1 day Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 1 day Saudi Oil Minister: Markets Will Not Rebalance By March
  • 2 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 2 days Rosneft Announces Completion Of World’s Longest Well
  • 2 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 2 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 2 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 2 days Santos Admits It Rejected $7.2B Takeover Bid
  • 2 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 3 days Africa’s Richest Woman Fired From Sonangol
  • 3 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 3 days Russian Hackers Target British Energy Industry
  • 3 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 3 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 3 days Lower Oil Prices Benefit European Refiners
  • 3 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 4 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 4 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 4 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 4 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 4 days OPEC To Recruit New Members To Fight Market Imbalance
  • 4 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 4 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 5 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 5 days GE Considers Selling Baker Hughes Assets
  • 5 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 5 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 5 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 5 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 5 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 8 days The Oil Rig Drilling 10 Miles Under The Sea
  • 8 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 8 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 8 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
The War That Would Transform Oil Markets

The War That Would Transform Oil Markets

Tensions between Saudi Arabia and…

South Korea and Russia Discussions Progress on Natural Gas Pipeline

South Korea and Russia Discussions Progress on Natural Gas Pipeline

In light of Pyongyang provisionally green-lighting the project, South Korea and Russia will discuss a natural gas pipeline transiting North Korea later this month.

South Korean Foreign Ministry spokesman Cho Byung-jae told journalists, "A delegation of Russia's Gazprom recently visited North Korea and discussed the issue. And then, consultations between Gazprom and Korea Gas will be held this month. Based on the results of the consultations, I understand that there would be a new round of meetings between Russia and North Korea."

Last week South Korean Foreign Minister Kim Sung-hwan said that North Korea reacted "positively" to the construction, commenting, "We view that this project will be a win-win deal for both Koreas, providing a considerable cash revenue on one hand for North Korea, through which the pipeline will run, and large amounts of natural gas for us, which will help bring down the price of imported natural gas on the other," South Korea’s Yonhap news agency reported.

A number of issues remain to be resolved before construction, not the least of which is the fact that, as the Korean War ended with an armistice in 1953, North and South Korea still technically remain at war, 58 years later.

In 2008 Gazprom and Korea Gas signed an agreement for the Russian state-owned energy monopoly to provide 10 billion cubic meters of natural gas a year to Korea Gas for 30 years beginning in 2015.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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