Seoul hosted a working meeting between Mr Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Mr Young Sung Park, EVP of the Korea Gas Corporation.

The parties discussed the terms of Russian natural gas supply to the Republic of Korea via the Democratic People's Republic of Korea.

The delegations of Gazprom and KOGAS submitted updated proposals on the major terms and conditions of the contract and conciliated their approaches to a number of crucial issues.

Summing up the meeting results, the parties confirmed their interest in the project and highlighted the importance of reaching an agreement as soon as possible to secure efficient Russian gas supplies to South Korea.

In addition, the parties resolved to intensify the negotiations and to hold the next meeting in March 2012.