ID :
21866
Mon, 09/29/2008 - 14:05
Auther :
Shortlink :
http://m.oananews.org//node/21866
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S. Korea, Russia to cooperate in oil, uranium development
by Lee Joon-seung
SEOUL, Sept. 29 (Yonhap) -- South Korea and Russia have agreed to expand cooperation in energy-related research and in the development of oil and uranium, the government said Monday.
Knowledge Economy Minister Lee Youn-ho held talks with Russian Energy Minister
Sergei Shmatko and concurred on the need for advancing bilateral cooperative
arrangements, according to the ministry.
Minister Lee is accompanying President Lee Myung-bak in Russia, and called on
Moscow to allow more South Korean companies to take part in resource development
projects.
Shmatko said in response that Russia views South Korea as an important economic
partner in the energy field.
Russia is the world's second-largest producer of oil, and has the largest output
of natural gas. It ranks fourth in uranium production and is the fifth-largest
supplier of coal and iron ore. In contrast, energy-poor South Korea must import
most of its resources from abroad.
In addition to the talks, a South Korean consortium led by Korea Electric Power
Corp. (KEPCO) and Korea Resources Corp. (KORES) signed a memorandum of
understanding (MOU) with Atomredmetzoloto Uranium Holdings (ARMZ) to jointly
explore for the radioactive material, which is used to fuel atomic reactors.
South Korea operates 20 reactors domestically and requires an average of 4,000
tons of uranium each year, making it the sixth-largest importer in the world.
"The joint development deal can help ensure a steady supply of uranium and help
raise the percentage of overseas resource materials that are controlled by local
companies," a government official said.
In addition to the ARMZ deal, state-run Korea National Oil Corp. (KNOC) said it
signed a MOU with Russia's autonomous Republic of Kalmykia to look for oil in the
Caspian Sea.
The Korea Energy Economic Institute and Russia's Energy Systems Institute also
signed a cooperative arrangement on the sidelines of President Lee's visit.
The pact calls for joint feasibility research to provide gas from eastern Russia
to South Korea and greater cooperation between energy firms.
(END)
SEOUL, Sept. 29 (Yonhap) -- South Korea and Russia have agreed to expand cooperation in energy-related research and in the development of oil and uranium, the government said Monday.
Knowledge Economy Minister Lee Youn-ho held talks with Russian Energy Minister
Sergei Shmatko and concurred on the need for advancing bilateral cooperative
arrangements, according to the ministry.
Minister Lee is accompanying President Lee Myung-bak in Russia, and called on
Moscow to allow more South Korean companies to take part in resource development
projects.
Shmatko said in response that Russia views South Korea as an important economic
partner in the energy field.
Russia is the world's second-largest producer of oil, and has the largest output
of natural gas. It ranks fourth in uranium production and is the fifth-largest
supplier of coal and iron ore. In contrast, energy-poor South Korea must import
most of its resources from abroad.
In addition to the talks, a South Korean consortium led by Korea Electric Power
Corp. (KEPCO) and Korea Resources Corp. (KORES) signed a memorandum of
understanding (MOU) with Atomredmetzoloto Uranium Holdings (ARMZ) to jointly
explore for the radioactive material, which is used to fuel atomic reactors.
South Korea operates 20 reactors domestically and requires an average of 4,000
tons of uranium each year, making it the sixth-largest importer in the world.
"The joint development deal can help ensure a steady supply of uranium and help
raise the percentage of overseas resource materials that are controlled by local
companies," a government official said.
In addition to the ARMZ deal, state-run Korea National Oil Corp. (KNOC) said it
signed a MOU with Russia's autonomous Republic of Kalmykia to look for oil in the
Caspian Sea.
The Korea Energy Economic Institute and Russia's Energy Systems Institute also
signed a cooperative arrangement on the sidelines of President Lee's visit.
The pact calls for joint feasibility research to provide gas from eastern Russia
to South Korea and greater cooperation between energy firms.
(END)
