Hong Joon Pyo, the chair of the ruling Grand National Party, has explained what South Korea hopes to do in order to ameliorate the risks associated with a proposed pipeline supplying Russian natural gas to South Korea across North Korean territory.
Speaking at a meeting of GNP heavyweights this morning, Hong explained, “We are bargaining with Russia, saying that should North Korea cut off the pipeline, then the amount of gas that is blocked should be delivered by sea at a 30% discount.”
Therefore, Hong added, “There appears to be no need to worry about North Korea cutting off the pipeline in an emergency.”
“We are advancing the construction of this pipeline across North Korea based on Russia taking ownership and responsibility for it,” he further insisted.
According to Hong, if gas does end up being imported by sea for some reason, it would be done from Vladivostok to liquefied gas storage locations being built on the east coast of Gangwon Province.
Maintaining his overall enthusiasm for the project, Hong also reaffirmed his conviction that it could be the founding of a new era in inter-Korean relations.