Source Pravda.Ru

KNOC to Supply Gas To South Korea From Vietnam's Rong Doi Field

KNOC and Petrovietnam are close to finalizing a gas supply deal that would supply gas to South Korea from Vietnam's Rong Doi field. The final contract would be signed later this year. KNOC and Petrovietnam recently agreed on core issues for the gas supply from block 11-2, one hundred and seventy miles from Vung Tau port, south of Ho Chi Minh City. The final contract would be executed later this year, around October, after sorting out details following the initial agreement, which should be reached within a month. KNOC is negotiating a behalf of a South Korean consortium in which it holds a forty nine percent stake. Other partners in the consortium include Daewoo International, LG International, Samsung Corp and Hyundai Corp. If the deal is signed in 2002, the gas would go on-stream between late 2004 and early 2005 in the block which is estimated to have reserves of 1.2 trillion cubic feet with 900 billion cubic feet recoverable. Plans are to use the Nam Con Son pipeline operated by BP. KNOC was granted a one hundred percent gas development right from the Vietnamese government in 1992. The consortium increased its stake in the block to one hundred percent from fifty five percent previously after it acquired a forty five percent stake that was held by the ExxonMobil group in February. Visit to

&to=http://www.knoc.co.kr/english/main.htm' target=_blank>KNOC

Representatives of the North Korean administration issued a statement saying that the United States and its allies have lost the "political and military confrontation" to the DPRK

North Korea declares victory over USA
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