South Korea and Uzbekistan conclude the largest gas transaction

South Korea and Uzbekistan concluded a $4.1 billion agreement, RBC reports.

Seoul will deal with the development of Surgilsky gas deposit near the Aral Sea as well as building of a gas and chemical plant in the framework of the project.

As reported by South Korean mass media, the agreement had been signed during the meeting of both countries’ Presidents and had become the largest one over the history of diplomatic relations between South Korea and Uzbekistan.

The activities of South Korea at the world gas market has recently increased. About a week ago Seoul arranged long-term deliveries of liquefied natural gas with oil and gas giants  Royal Dutch/Shell and Total. The contracts are evaluated in more than $80 billion.

Meanwhile, RBC reminds, that Russian Gazprom is interested in South Korea as well. Previously the parties had planned building of a gas line through to the  territory of North and South Korea. This could have helped to relieve the tension between the countries. However, Russian company considered, that risks were too high and LNG deliveries were better than the building of a pipeline.

Source: http://www.rosbalt.ru/business/2011/08/23/882341.html

Translated by Alexandra Utyasheva