(Yonhap Editorial) Pipeline project could improve inter-Korean relations

SEOUL, Sept. 9 (Yonhap) -- A massive gas pipeline project involving Russia and the two Koreas is likely to be accelerated as South Korean President Lee Myung-bak hinted at the possibility Thursday.
The project could move forward "faster than expected" as it would benefit all sides involved, President Lee said during a panel discussion televised live nationwide. "North Korea and Russia are in talks and we are also in talks with Russia. There will be a point where the three parties reach an agreement. I think it will proceed faster than expected," Lee said.
The ambitious project to build a transnational pipeline shipping Siberian natural gas to South Korea via the communist North has gained momentum in recent weeks after North Korean leader Kim Jong-il discussed the project with Russian President Dmitry Medvedev during his trip to Russia last month.
The two sides said later that they agreed to set up a joint committee to push for the project.
Russia's presidential envoy to the Far East Federal District, Viktor Ishayev, also said that the North's leader agreed to permit the envisioned pipeline to go through its territory if Russia and South Korea sign a contract on the project, according to a news report.
The South Korean president is expected to hold a summit meeting with Medvedev in November where the project is likely to be discussed.
The project was originally initiated in September 2008 when Lee and Medvedev exchanged a memorandum of understanding during a summit.
The project, if realized, would cut the transportation cost via sea to one-third. According to a memorandum of understanding between South Korea's state-run KOGAS and Gazprom of Russia, Russia will supply 7.5 million tons of natural gas every year for 30 years from 2015. The project will also be a boon to North Korea which can collect up to US$150 million every year as passage charges.
The three-nation project also is expected to provide momentum for the easing of tension between the two Koreas and expand reconciliation and cooperation.
There have been moves to facilitate the resumption of the stalled six-party talks on North Korean nuclear programs between the two Koreas and between North Korea and the United States, but tensions between the two Koreas have not eased due to a number of thorny issues, including the North's unilateral measures on South Korean properties at its resort mountain.
The pipeline project is expected to build momentum for improving inter-Korean relations.
But the project does entail risks, and the government should make thorough preparations against them. If North Korea blocks the pipeline under certain circumstances, South Korea will be dealt an enormous blow in its supply of natural gas. Lee said that would not pose a big problem, as Seoul could reach an agreement with Moscow for compensation of any losses, but the government should make more thorough preparations to guarantee a stable supply of gas.