By Kang Hyun-kyung

ST. PETERSBURG, Russia — President Lee Myung-bak and Russian President Dmitry Medvedev agreed Wednesday to work closely together to push a pipeline project to send Russian gas to South Korea via North Korea.

During a summit here, Lee and Medvedev shared the view that the three sides involved will benefit if the project goes ahead.

Russia could send as much as 10 billion cubic meters of gas to South Korea a year if the trans-Korea pipeline is built.

South Korea could purchase quality Russian gas at a reasonable price — at nearly a 30 percent discount compared to current prices — while North Korea can earn an estimated $100 million a year in transit fees.

The gas pipeline was on top of the agenda for the Lee-Medvedev summit.

Although they agreed on the benefits, Lee addressed the political risks of the project. He said he was concerned with the possibility of North Korea, which was responsible for two attacks last year, “playing games” with the pipeline.

If that problem is resolved, Lee said Seoul could consider cooperating with Moscow on sending electricity from the Russian Far East to South Korea through North Korea as well.

Although the two leaders shared the need for cooperation on the project, no concrete agreement signaling a development in the matter was announced after the talks.

The state-run Korea Gas Corporation signed an exploratory blueprint with its Russian counterpart Gazprom in September.

Russia has been talking with North Korea over the pipeline project after Medvedev and North Korean leader Kim Jong-il agreed to construct the gas pipeline during a summit held in Sakhalin in August.

In an interview with French daily Le Figaro, Lee said the three sides involved may be able to sit down together some time in the future to discuss the trilateral project.

“But there are several conditions that need to be met before this happens,” he said.

During the summit, Lee and Medvedev also agreed to closely cooperate for the resumption of stalled denuclearization talks.

In the interview, Lee also said he was willing to meet North Korean leader Kim Jong-il if that is what was necessary to improve inter-Korean relations.

But he made it clear he has no intention to approach an inter-Korean summit out of any political motive.

Prior to the talks with Medvedev, Lee delivered a speech at the closing ceremony of the second round of the Korea-Russia Dialogue (KRD) aimed at upgrading bilateral ties through increased contact and exchange programs.

Lee said economic cooperation between South Korea and Russia will help stabilize Northeast Asia.

This is Lee’s third visit to Russia after being sworn in as President in February 2008. Lee and Medvedev have met six times since they took office.

South Korea and Russia agreed to establish the forum in 2008 when the two nations’ leaders met for a summit in Russia. They agreed to upgrade the bilateral ties into a strategic partnership at that time.

Nearly 200 people from academic fields, government and businesses of the two countries joined the three-day forum held at St. Petersburg State University.

They exchanged ideas on Northeast Asian security, the gas pipeline and other issues of mutual interest.

After wrapping up the talks with Medvedev, Lee flew to Cannes, France, for the two-day G20 summit. The leaders of the world’s most powerful economies will exchange their views on the sovereign debt crisis in Europe and the global economic downturn.

This will be followed by the joint declaration on the second day of the summit. Lee will return to Seoul Saturday.