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Seoul, Moscow to expand ties in energy segment

All News 11:13 September 24, 2019

SEOUL, Sept. 24 (Yonhap) -- South Korea agreed with Russia to deepen ties in the energy industry, in line with Seoul's efforts to boost its economic and diplomatic links with countries in Eurasia, Seoul's trade ministry said Tuesday.

During a meeting in Moscow, officials from the two nations vowed to broaden their alliance by partnering on various energy projects, particularly in the liquefied natural gas (LNG) segment, according to the Ministry of Trade, Industry and Energy.

The move came as demand for automobiles and ships utilizing LNG is expected grow sharply down the road, amid rising calls for environment-friendly energy sources, the ministry said.

The cooperation is especially significant as the Moon Jae-in administration has been implementing its so-called New Northern Policy, which centers on expanding economic ties with new partners including Russia, easing its heavy dependency on the United States and China.

The two countries will also cooperate on research and development projects for other renewable energy sources, including solar panels.

In line with the agreement, the state-run Korea Gas Corp. and Russian energy giant Gazprom also agreed to renew their strategic alliance that started in 2016.

Seoul earlier vowed to forge deeper ties with Russia in nine areas, including agriculture, railroads, shipbuilding and ports.

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