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Korea and Russia agree to bolster cooperation in energy sector

According to Pulse by Maeil Business News Korea,

South Korea and Russia agreed to expand their cooperation in liquefied natural gas (LNG) development and renewable energy sector at the 16th Korea-Russia Resource Cooperation Committee in Moscow on Monday (local time).

The Ministry of Trade, Industry and Energy said Tuesday that Joo Young-joon, deputy minister for energy and resources, and his Russian counterpart Anton Inyutsyn discussed ways to strengthen bilateral ties in gas and electricity sectors under the so-called ‘nine-bridge strategy’ the two countries had agreed on earlier this year. The nine areas subject to their reinforced cooperation included fisheries, agriculture, electric power, railway construction, Northern Sea Route development, gas, shipbuilding, port and industrial complex.

The two sides agreed to extend the partnership deal between Korea Gas Corp. and Russia’s gas giant Gazprom that was supposed to end at the end of this year, and ramp up ties in LNG development. Gazprom is the world’s biggest gas producer, accounting for 12.1 percent of gas supplies in the world as of last year.

They will expand cooperation in joint research and technology standardization related to LNG as the demand for the eco-friendly resource is expected to surge as tightened environmental regulations accelerate fuel migration for seagoing vessels and vehicles.

In the electric power sector, Korea’s state-run Korea Electric Power Corp. (KEPCO) and Russia’s Rosseti agreed to continue their joint study on a project to connect energy grids between the two countries. The two companies will also consider conducting a joint research on grid modernization and widening distribution of advanced metering infrastructure (AMI) called smart meters.

Korea and Russia also agreed to strengthen cooperation in research and development for renewable energy sources. The energy ministry said the two sides will continue to hold working-level consultations to carry out the agreement. The next bilateral resource cooperation meeting will be held in Korea in 2020, the ministry said. ​

By Lim Sung-hyun and Choi Mira

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (September 24, 2019)

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