Korea to join Russian gas project

Korea is to take part in a Russian development project for the Irkutsk gas field in Siberia. So it is expected that Korea will gain a supply line for natural gas from Siberia through an underground pipeline, starting from 2008 at the earliest.

There is a possibility that the gas pipeline might be connected through North Korea, creating an energy belt between South and North Korea.

The Ministry of Commerce, Industry and Energy announced Sept. 7 that South Korea, China and Russia jointly would conduct a feasibility study for the development of the Irkutsk gas field and construction of a pipeline.

The three countries initialed a three-party agreement in Moscow for the massive development proposal. They are expected to complete the feasibility study by the end of next year.

If the project is found to be viable, the three countries will begin development of the gas field and construction of the pipeline. Then, Korea will be able to annually import some 7 million tons of natural gas for 30 years starting in 2008, which is nearly half the nation`s yearly gas consumption.

Lee Myung-Jai mjlee@donga.com