South Korea to develop oil resources in Russia’s Far East

Russia and South Korea will closely co-operate on energy developments on Russia’s continental shelf, including those in western Kamchatka. The announcement comes following President Medvedev’s meeting with South Korean P

A statement released by the leaders also says that Russia welcomes South Korea’s intention to take part in auctions and tenders for the development of mineral resources, and construction of energy infrastructure in the Russian Far East.

Lee Myung-bak has arrived in the Russian capital with a three-day visit.

Protocols have been signed on a number of issues including nanotechnology, easing the visa regime between the two countries, possible gas deliveries and joint exploration of natural resources.

“South Korean businessmen will help develop Siberia and the Far East. We will also search for ways to deliver Russian natural gas to the Korean Peninsula and to link the Trans-Korean and Trans-Siberian railroads,” Lee Myung-bak said.

The two Presidents also discussed the rapidly growing economic ties between Russia and South Korea – according to Medvedev, their trade turnover could reach $20 Billion by the end of the year.

Russia also says it will support international efforts to stop North Korea from restarting its nuclear projects.  President Medvedev stressed that Russia favours achieving progress at the six-nation talks, on North Korea’s nuclear programme, and reinforcing dialogue between South and North Korea.