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. Last Updated: 07/27/2016

$11Bln Gas Pipeline to South Korea?

Russia and South Korea expect to complete by the end of the month a feasibility study for an $11 billion pipeline project that would carry Russian gas to South Korea, South Korean Embassy officials said Friday.

The study, begun early last year, should be completed "within a few weeks" and work on the proposed 4,000 kilometer pipeline could begin soon afterward, an embassy economic specialist said.

The pipeline would carry gas from the Kovytka gas field near Irkutsk, in Siberia, to South Korea, the specialist said, confirming comments made by South Korean Ambassador Tae-Ik Chung in an interview with Russian media.

The envoy told Interfax that South Korea also hoped to obtain gas from the Sakhalin fields, off Russia's eastern seaboard, in the future.

"The Republic of Korea is one of the biggest consumers of natural gas in the world and would like to receive a stable supply from Russia," he said.

The objective, if the project is approved, would be for the pipeline to be completed by 2008 or 2010 at the latest, the specialist said.

The consortium backing the project includes Kovytka gas field license holder Rusia Petroleum, and oil major BP-TNK and Interros. Its partners in the project are the Korean Gas Co. and the Chinese National Petroleum Corp. The feasibility study should be completed by the end of June, the embassy official said.