Skip to comments.Russia writes off 90 per cent of North Korean debt, expected to build gas pipeline (To South Korea)
Posted on 04/19/2014 4:45:20 PM PDT by kronos77
Russia's parliament has agreed to write off about $10 billion of North Korea's Soviet-era debt, in a deal expected to facilitate the building of a gas pipeline to South Korea across the reclusive state.
The State Duma lower house in Moscow on Friday ratified a 2012 agreement to excuse the bulk of North Korea's debt.
It said the total debt stood at $10.96 billion as of September 17, 2012.
The rest of the debt - $1.09 billion - would be redeemed during the next 20 years, to be paid in equal instalments every six months.
The outstanding debt owed by North Korea will be managed by Russia's state development bank, Vnesheconombank.
Russia's deputy finance minister Sergei Storchak told Russian media that the money could be used to fund mutually beneficial projects in North Korea, including a proposed gas pipeline and a railway to South Korea.
The two Koreas remain technically at war and are separated by one of the world's most militarised frontiers.
The North's struggling communist economy is just 2 per cent of the size of South Korea's.
(Excerpt) Read more at abc.net.au ...
That’s OK. Obama is going to place sanctions on Russia and cut it off from the world.
Why would you consider allowing a product directed through your motal enemy’s territory to enter the market in your country?
The NorK’s could cut it off at any time leaving you at their mercy when your economy is dependent on that supply.
Why not continue to us LNG and build ports to make the importation of that much easier and not leave yourself vulnerable to the whim of a psychopath.
Where else can the pipeline go trough?
Its not Putins fault. Its Bam bams.
HANOI, Vietnam President Vladimir Putin said Tuesday that his country will expand its military supplies to Vietnam, as he held talks with his Vietnamese counterpart to boost ties between the former ideological allies.
Lol. Got me again!
Sorry, I simply cannot stand to say or write his majestys, piss be upon him, name.
South Korea consumed more than 2.3 million barrels per day (bbl/d) of petroleum and other liquids in 2013, making it the ninth-largest consumer in the world. According to the Korea National Oil Company (KNOC), Korea has a small amount of domestic oil reserves, but the country relies significantly on crude oil imports to meet its demand. A majority of South Korea's total oil production of 60,000 bbl/d is based on refinery processing gains and a small portion of biofuel production.
Gas in South Korea is about $8 a gallon.
Lol. I don't blame you.
I ONLY do it out of respect for the OFFICE not the moron who is in it these days.
Opps, did I just call our president a moron? :o) I DID!
Yeah I know, I feel terrible about it, but considering who we’ve had for the last 25 years its a little easier.
If South Korea trusts anything that passes through North Korea first then they’re crazy.
Maybe you should build a pipeline across the worlds longest undefended border between two great democracies...oh wait that is not possible is it?
Maybe a “free market” economy could overturn restrictive gas export laws and not deny gas exports especially so it it could help it allies...oh wait...cant do that
Maybe the country with quite possibly more carbon based energy in the world could free up its resources in coal and thereby drop oil prices like a rock...oh yeah that country is running coal out of existence
But at lest we are not vulnerable to the whims of a psychopath....
Hopefully they don’t have the kind of work commutes we do.
We were overseas (Saudi Arabia) when he was vice president and I heard one of his speeches on Sadaam Hussein.
Hussein said that the "war" was going to be the "mother of all wars." Cheney's remark referring to that statement? It seemed more like the "mother of all retreats."
I chuckled over that for WEEKS. It was SO on the money. Hussein was a blithering idiot...the "mother of all jackasses."
Do you remember where they found him? He was in a hidey-hole hiding from the Americans.
All his SONS went out in a blaze of gunfire, dying in their boots with more courage than their cowardly a-hole father.
I remember the Saudi television where they showed Hussein watching television with his family. There were all his children and grandchildren. They were watching the TORTURE of Iranian prisoners and LAUGHING. It was probably the most sickening thing I ever saw on the tube.
Everyone in the middle east HATED him. Even my mild-mannered, gentle boss, Mohammed (of course) called him a "bad man." That was strong language for him.
They do a lot of driving but have an excellent public transportation system. You can go just about anywhere for a few bucks if you take the bus or train.
~The NorKs could cut it off at any time leaving you at their mercy when your economy is dependent on that supply~
Putin and ROK would easily move in from two fronts and kick some butt. Ukraine is by far more formidable opponent than the Norks and look what happens.
North Korea has the 4th largest army/military in the world. The Ukraine isn’t even close.