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Gold/Mining/Energy : KEPCO

KEP 15.96

+5.9%

Nov 3 3:59 PM EST

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To: Copperfield who started this subject	11/14/2003 1:42:57 PM
From: Copperfield	of 16

Russia, China and S.Korea progress in joint gas project RosBusinessConsulting. Friday, Nov. 14, 2003, 7:49 PM Moscow Time Russia's oil company RUSIA Petroleum, Chinese National Petroleum Corporation (CNPC) and the South Korean gas corporation Kogas have signed a report on the feasibility studies in the Kovykta project in Moscow today. According to Viktor Vekselberg, the Chairman of the Board of RUSIA Petroleum, the signing of this report is just the first stage denoting that this project is realistic, efficient and that it will be implemented. At the second stage, the governments of countries participating in this project will approve international feasibility studies, and then commercial negotiations on the project's implementation will be held. The RUSIA Petroleum head stated an important role that this project would play for the Russian economy. He noted it would boost the economic development of Eastern Siberia, the Irkut region and some other parts of Russia where a gas pipeline from the Kovykta field would pass. The volume of Kovykta reserves is between 1.4 and 1.9 trillion cubic meters of natural gas. Gas transportation via the pipeline is planned to start in 2008.

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