The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Thu, August 18, 2022 | 20:26
Editorial
Trans-Siberia gas pipeline
Posted : 2011-08-26 16:41
Updated : 2011-08-26 16:41
Print Preview
Font Size Up
Font Size Down
NK must stop confiscation of Mt. Geumgang assets

The proposal for building a trans-Siberia gas pipeline linking the two Koreas is nothing new. South Korea and Russia signed the agreement in 2008. This week, North Korea also inked the same accord. The project is economically attractive but politically infeasible.

Russian President Dmitry Medvedev and North Korean leader Kim Jong-il endorsed the project during their summit Tuesday. The accord comes three years after President Lee Myung-bak signed the deal with the Russia leader. It is meaningful that the North is proactive in the deal.

The project has been up in the air since the Kim Dae-jung administration in 1998.

The otherwise attractive economic project would go nowhere without confidence-building between the two Koreas.

The South can save transportation costs by 30 percent. The North can earn more than $100 million yearly in toll fees on the gas transit. Russia can expand sales of its gas not only to Korea but also to other countries, including Japan.

The Seoul government has linked the project to inter-Korean confidence-building. It made it clear that the project will take place only after the North's denuclearization and apologizes for military provocations, including the sinking of the Navy frigate Cheonan and the shelling of the border island of Yeonpyeong.

Seoul can leverage the project as a way of breaking the deadlock in the inter-Korean impasse. Through negotiations over the project, Koreas can improve the current frosty relations.

The time has come for the South to separate politics from the economy. The South and Russia should prod the North into guaranteeing international investment rules. The North should immediately withdraw its threat to seize the South Korean properties and tourism facilities at Mt. Geumgang.

It is absurd for any outsider to invest in the country where guarantee of investment is in question. Even under the rule of separating politics from business, this basic code should be respected. No South Korean company would participate in the project without investment guarantees.

Moscow should wait until the North stops threatening to confiscate the South’s assets at Mt. Geumgang. Another concern is the perception that the pipeline project is risky because the North could cut it suddenly. This could make the South’s gas supply unstable.

Even if the North should block the transit, the South can still import it under the current method. Russia should secure leverage in case the North blocks exports.

Russia must seek ways of guaranteeing the unimpeded flow of its gas through the divided Koreas. It may take years before construction begins. Now is the time to start the talks, at least on the feasibility study.

The three nations can also resume talks to connect railways. China and Japan can also join in the railroad networking. The linked railroad would fuel the East Asian economy.
 
LG
  • Samsung's defective washing machine fans consumer concerns
  • Korea urged to overhaul pension, tax systems to cope with rapidly-aging population
  • [INTERVIEW] Moon rallies int'l support for unification of two Koreas
  • Yoon confident about Korea hosting World Expo 2030
  • 'Labor law should be changed in line with Fourth Industrial Revolution'
  • Standard Chartered Bank chief to visit Seoul in late August
  • Yoon opposes forceful change to status quo in North Korea
  • Envoy raises awareness of Korea among Serbian public
  • [INTERVIEW] Data essential for 'evidence-based decisions': Statistics Korea commissioner
  • What polls don't say about Yoon
  • Interactive News
  • With tough love,
  • 'Santa dogs' help rebuild burnt forests in Andong
  • 'Santa dogs' help rebuild burnt forests in Andong
  • A tale of natural wine
    • [INTERVIEW] Director of 'A Model Family' on blending Korean and European-style thrillers [INTERVIEW] Director of 'A Model Family' on blending Korean and European-style thrillers
    • Thriller series 'Flower Of Evil' becomes first K-drama to be remade in India Thriller series 'Flower Of Evil' becomes first K-drama to be remade in India
    • 'Extraordinary Attorney Woo' to be made into musicals in 2024 'Extraordinary Attorney Woo' to be made into musicals in 2024
    • [INTERVIEW] YouTubers bridge Korean, Muslim and Latin American cultures [INTERVIEW] YouTubers bridge Korean, Muslim and Latin American cultures
    • 'Mukbang' binge-eating shows give way to new trend of eating little 'Mukbang' binge-eating shows give way to new trend of eating little
    DARKROOM
    • Ice is melting, land is burning

      Ice is melting, land is burning

    • Tottenham 6-3 Team K League

      Tottenham 6-3 Team K League

    • Afghanistan earthquake killed more than 1,000

      Afghanistan earthquake killed more than 1,000

    • Divided America reacts to overturn of Roe vs. Wade

      Divided America reacts to overturn of Roe vs. Wade

    • Namaste: Yogis to celebrate International Yoga Day

      Namaste: Yogis to celebrate International Yoga Day

    The Korea Times
    CEO & Publisher : Oh Young-jin
    Digital News Email : webmaster@koreatimes.co.kr
    Tel : 02-724-2114
    Online newspaper registration No : 서울,아52844
    Date of registration : 2020.02.05
    Masthead : The Korea Times
    Copyright © koreatimes.co.kr. All rights reserved.
    • About Us
    • Introduction
    • History
    • Location
    • Media Kit
    • Contact Us
    • Products & Service
    • Subscribe
    • E-paper
    • Mobile Service
    • RSS Service
    • Content Sales
    • Policy
    • Privacy Statement
    • Terms of Service
    • 고충처리인
    • Youth Protection Policy
    • Code of Ethics
    • Copyright Policy
    • Family Site
    • Hankook Ilbo
    • Dongwha Group