09-09-04

The prospects of greater trade between Korean and Russia are growing as LG Construction received an order to construct a Russian oil refinery worth $ 3 bn.

On September 8, a spokesperson for the Korean Embassy in Russia stated that President Roh Moo-hyun is scheduled to visit Russia. Both presidents are expected to discuss energy cooperation including the North Korean nuclear development issue, space-air technology, connecting the trans-Siberian rail (TSR) and the trans-Korean rail (TKR), the Siberian development project, the maritime and fishery quota agreement, cultural and arts exchanges and improving investment by Korean companies.

The Korean Ambassador in Moscow, Chang Taek-ik, said, “During this visit, President Roh will work out a compromise for a Siberian development project, and he is expected to officially sign the oil refinery order for LG Construction.”

“He will prepare a stable middle and long term gas supply plan through Korea's participation in the integrated gas supply project and discuss in depth the problem of funds needed to modernize North Korean railroads which have prevented the connection of TSR and TKR,” he added.

Russia, which is intent on joining the WTO in 2006, will finish negotiations for WTO admittance with the help of the 11th ranking economy in the world, Korea, during this visit.

Source: Busanilbo