Mission Statement

Yugra-BoSong Oil Co. is a Korean-Russian joint venture established to support economic cooperation between Russia and Korea.  

IEC + GREEN JV = YUGRA BOSONG

Today’s market conditions of falling oil prices enables the world to take that step, towards closing the gap between Korea and Russia.

Korea top products exported refined petroleum 9.2%

Korea top products imported Crude Petroleum 20%, Refined Petroleum 4.7%

Putin emphasizes developing the Far East of Russia and cooperating with Asian countries,

“Korea-Russia dialogue is about trying to set an example in nongovernmental areas,” he said.

“It will be a stage for young people to discuss what can be done to improve the relationship between Korea and Russia and to broaden their views through communication, through cultural exchanges between  Russia and South Korea, and to expand cooperation in the energy sector”  he continued.

Sakhalin-2 is a large-scale liquefied natural gas pipeline project in the Russian Far East. It is runs  by Sakhalin Energy, a joint venture company;  majority-owned by Russian energy giant Gazprom and co-owners are Royal Dutch Shell, and Mitsui, and Mitsubishi of Japan.

Milestone for energy supply  starting  from shipment, trucking, railing and transporting by oil pipelines.

Russia’s oil-fueled growth of GDP  has been a foundation of Mr. Putin’s high public approval, but with oil prices weakening, Russia is seeking overseas investments to help fill the gap in growth.

Russia is South Korea’s 11th largest trade partner and accounts for about 2.1% of Korea’s total trade, but investments by Korean companies in Russia shrank to $103 million last year from a peak of $428 million in 2009, according to data from Export, Import Bank of Korea.

Russia extracts 10 + million barrels a day

Korea consumption is  2 + million barrels a day

Around 85% of South Korea's imported oil comes from the Middle East.

Russia's exports to South Korea amounted to $11.5 billion or 2.2% of its overall imports;  oil amounts $8.5 billion.

Country Analysis Brief Overview

South Korea relies on imports to meet about 97% of its energy demand as a result of insufficient domestic resources, and the country is one of the world's leading energy importers.

South Korea has a modern large oil refining sector, but the country depends  on almost entirely on crude oil imports to fuel its refineries.

The Russian petroleum industry is second  large, after Saudi Arabia,  in the world. Russia oil production output is more than 10 million barrels a day while South Korea is one of  the world’s leading importers of energy.

South Korea was the world's ninth-largest energy consumer in 2011.

Despite its lack of domestic energy resources, South Korea is home to some of the largest and most advanced oil refineries in the world. In an effort to improve the nation's energy security, oil and gas companies are aggressively seeking overseas exploration and production opportunities.

“As a  part of it efforts to diversify the  following political uncertainties in the region and to offer refiners incentives to diversify crude import sources, South Korea will provide financial benefits to local refiners that import crude oil from sources other than the Middle East”, the energy ministry said Friday.

Energy-poor South Korea, the world's fifth-largest crude oil  importer, is extremely vulnerable to oil price fluctuations. Around 85% of South Korea's imported oil comes from the Middle East and most of it is transported through the Straits of Malacca, a region plagued by piracy.

"The government has decided to provide benefits to refiners to help cut their transportation costs when they import crude far away from the Middle East," an official from the Ministry of Trade, Industry and Energy said. “The government had approved revised bills for these fresh incentives”, he added

South Korea imported 790.58 million barrels of crude from the Middle East in 2013, accounting for 86.4% of the country's total imports of 915.08 million barrels, according to data from state-owned Korea National Oil Corp. The proportion was up from 85.6% in 2012 when it imported 811.25 million barrels from the Middle East, out of 947.29 million barrels in total.

In the first five months of the year, South Korea imported 308.78 million barrels from the Middle East, 83.0% of the total purchase of 372.08 million barrels.

Russia is a partner that can not only help our national security and maintain peace on the Korean Peninsula, but also help our economic development; our relationship can improve of the humanitarian relief where it is  most welcomed. .

Next year, the 25th anniversary of diplomatic ties between Korea and Russia, I believe  will be a real progress in our relationship.

Our close relationship will be benefit for both S.Korea and Russia. It will mitigate tension on the Korean Peninsula, will promote world peace. It will ease world’s efforts to denuclearize    of Peninsula. It will support development of Russian Far East, it will allow to construct a pipeline, without any problem , from Russia to S.Korea through DPRK and to strengthen  economic  ties between those three countries.