The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Pae Hak, Minister of Oil Industry of the Democratic People’s Republic of Korea (DPRK).
The parties discussed areas of cooperation in the gas sector.
Background
Korea Oil Exploration Corporation (KOEC) has the exclusive rights to explore and develop hydrocarbon fields in Korea. Reporting directly to the Korean Ministry of Oil Industry, the corporation is focused on oil and gas exploration, production, transmission and storage as well as research and development.
Gazprom and BASF have signed a memorandum which anticipates future co-operation in the development of Achimov deposits of the Urengoy field in exchange for equivalent stakes in BASF’s North Sea assets.