[ Originally published on May 12th, 2014 ]
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In
a deal which
is expected
to facilitate the construction
of a gas pipeline between the two nations, Russia’s parliament has
agreed to write off nearly $10
billion
USD
[United States Dollars] of
North Korea’s Soviet-era debt. As of late 2012, North Korea’s
debt to communist
China
stood at $10.96 billion USD.
The
outstanding debt, managed by Russia’s state development bank
Vnesheconombank,
is scheduled to be paid back within the next 20 years.
Russia’s
Deputy Finance Minister Sergei Storchak told Russian media that the
money could be used to fund mutual projects in North Korea, including
a proposed gas pipeline and a railway to South Korea.
The
international community has been seeking to re-engage with North
Korea, amidst hopes that the reclusive state’s government would
seek ways to end years of isolation and poverty.
Russia’s
state-owned top natural producer Gazprom
has long planned to build a gas pipeline from North Korea to South
Korea in hopes of annually transporting 10
billion
cubic meters of gas.
Moscow
has been trying to diversify its energy sales to Asia and away from
Europe, which wants to cut its dependence on oil and gas from Russia.
After a decade of talks, Moscow aims to reach a deal to supply gas to
communist China.
Stay
conscious my friends.
~
Merit Freeman
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