PROTOCOL
FOR THE FOURTEENTH MEETING
OF THE RUSSIA KOREA JOINT COMMITTEE
FOR ENERGY AND NATURAL RESOURCES COOPERATION
June 16, 2015
Moscow, Russia
On June 16, 2015, the fourteenth meeting of the Russia-Korea Joint Committee for Energy and Natural Resources Cooperation (hereinafter referred to as "the Committee") was held in Moscow, Russia.
The Russian delegation was headed by Mr. A. Inyutsyn, Deputy Minister of Energy of the Russian Federation. The Korean delegation was headed by Mr. WOO taehee, Deputy Minister of Trade, Industry and Energy of the Republic of Korea (hereinafter referred to as - "the Sides").
The Committee summarized the results of the last meeting and discussed prospective areas of cooperation between the Russian Federation and the Republic of Korea, including oil, gas, electricity, renewable energy. The Committee shared various ideas on possible cooperation projects discussed within the Committee.
1. Cooperation in oil and gas fields
1.1. The Sides highly appreciate the cooperation between Gazprom and KOGAS and support intention of the companies to sign Cooperation Agreement between the companies in the nearest future.
1.2. The Russian Side notes the significance of cooperation to assure reliable supply of LNG from Russia to Korea.
1.3. The Sides expressed their expectations that price review negotiation between Sakhalin Energy and KOGAS will be conducted in a commercially reasonable way.
1.4. The Russian Side expressed its interest in cooperation with KOGAS and other Korean companies in supplying LNG to the Republic of Korea from "Russian Far East LNG" project by Rosneft.
1.5 The Russian Side welcomes and the Korean Side expresses the interest of Korean export-credit agencies in providing finance for the Yamal LNG project and for the construction of LNG tankers that are chartered for the Yamal LNG project and are currently being built at the Korean shipyard.
1.6 The Russian Side informed the Korean Side about the possibility of cooperation in the field of natural gas usage as a motor fuel, including sharing of experience on government support measures and economic incentives for the development of NGV market, legal regulation, as well as studying the practice of motor fuel technologies production, safe operations of gas fueling infrastructure and gas equipment.
1.7. The Sides shared the view that changes in North East Asia, which is quickly growing into the world's largest oil market, will provide both countries with new opportunities for cooperation, including oil trading. In particular, the Korean Side gave an overview of the North East Asian oil hub project being carried out by the Korean government and expressed its hope that the Russian Side will take interest in this project, The Russian Side expressed its interest in the project and said that it would consider encouraging Russian companies to participate after receiving detailed information on this issue from the Korean Side.
2. Cooperation in the electricity field
2.1. The Sides welcomed the signing of Memorandum of Understanding between the Russian company JSC «Rosseti» and Korea Electric Power Corporation (KEPCO) on long-term scientific and technological cooperation in electricity sector.
2.2. The Sides support the cooperation of the PJSC «Inter RAO», JSC «Rosseti» and KEPCO on the joint research of the possibilities of the interconnection of the two countries a transmission line of high capacity. The Sides welcomed the signing of the Trilateral Memorandum of Understanding among the Russian companies PJSC «Inter RAO» and JSC «Rosseti» and Korea Electric Power Corporation (KEPCO) to intensify work in this direction and cooperation for a prefeasibility study on transborder power grid construction between the Russian Federation and the Republic of Korea. Based on the above mentioned MOU, Russian and Korean companies shall research the possibilities and necessary conditions for the grid interconnection.
2.3. The Sides welcome the signing of the Memorandum of Understanding between JSC «Rusl-Hydro» and K-Water on the 30th of January, 2015, according to which both companies plan to develop cooperation in the
field of hydropower, renewable energy and water resources management. The Sides shared the view that they will continue to cooperate in identifying joint projects between RusHydro and K-Water in such areas as hydro power, waterworks and renewable energy and provide support. for the initiation of regular technology exchange meetings to promote cooperation on water-related technology.
2.4. The Russian Side informed the Korean Side about the establishment of the Working Group by the Ministry of Energy of the Russian Federation to promote cooperation in energy field with the participation of interested companies and organizations (including PJSC «Inter RAO», JSC «Rosseti», JSC «RusHydro», JSC «RAO Energy Systems of East», En+ Group etc.).
2.5. The Sides welcome the signing of Cooperation Agreement on the I" of October, 2014, between JSC «RAO Energy Systems of East» and «Samsung Engineering Co. Ltd.» on collaboration in implementation of joint projects in the Far East region of the Russian Federation, according to which both
companies plan to expand cooperation in the field of joint projects dedicated to the energy infrastructure development in the Far East region of the Russian Federation.
2.6. The Sides welcomed that KEPCO, the Russian company En+ Group and Skolkovo Institute of Science and Technology of Russia agreed to continue the.joint research study for the Northeast Asian grids.
2.7. The Sides welcome the signing of Agreement between JSC «Rosseti» and Hyundai Heavy Industries Corporation for long-term cooperation on December 9, 2014, according to which it is planned to develop a long-term and effective cooperation in the production and supply of electrical equipment.
3. Cooperation in the coal field
3.1. In order to promote the cooperation in the coal field the Sides agreed to consider the proposals of Russian coal miners and potential South Korean consumers.
3.2. The Sides agreed to encourage the expansion and improvement of infrastructure such as railroad and loading port in order to increase the volume of Russian coal supplies. The Sides also welcomed further discussion on the development of cooperation between Russian coal miners and Korean partners.
3.3. The Sides agreed to hold a meeting for discussion of the mutual cooperation and information exchange with the participation of Russian coal industry representatives and coal consumers of South Korea.
4. Cooperation of energy efficiency and renewable energy fields
4.1. The Sides welcome the cooperation of the Russian side with the Korea Institute of Energy Research of the Republic of Korea OZIER) and commit both Sides to develop further cooperation.
4.2. The Russian Side invited the Korean Side to take part in the IV International Forum on Energy Efficiency and Energy Sector Development ENES 2015, and to present a joint exhibition of Korean energy companies during the exhibition ENES 2015.
4.3 The Sides agreed to make an effort to identify directions of joint R&D projects and to hold manpower and technical exchange on a regular basis in the field of smart grid. The Sides also shared views to strengthen the global cooperative system in the field by working with the International Smart Grid Action Network.
The Sides decided that the fifteenth meeting of the Committee will be held in the Republic of Korea in 2016. The location and date of the meeting will be determined via diplomatic channels at later time.
This protocol is hereby signed in Moscow, Russia, on June 16,2015, in duplicate in the English Janguaftexts being equally authentic.
On behalf of the Russia side On behalf of the Korean side
Russian Committee
Co-chairman of the Committee
Korean side
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