Russia's Gazprom, NKorea sign outline pipeline deal

15th September 2011, Comments 0 comments

Russia's natural gas giant Gazprom said on Thursday it had signed a draft deal with North Korea's visiting oil minister concerning the development of a new pipeline to the South.

Gazprom said in a statement the memorandum was signed in Moscow by North Korea's Oil Minister Kim Hui-Yong and Gazprom chief Alexei Miller.

"Among other things, the sides agree to create a joint working group for implementing the project and developing other promising areas of cooperation," the Gazprom statement said.

The long-discussed pipeline would carry Russian gas through the Stalinist republic to South Korea's booming market.

The pipeline returned to the headlines last month when the North's leader Kim Jong-Il reportedly gave it his backing during a summit in Russia with President Dmitry Medvedev.

© 2011 AFP

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