In the economic sector, the two nations signed a memorandum of understanding (MOU) for the joint exploration of oilfields in Siberia and the Sakhalin Island region. The two nations will also consider cooperation in the construction of an oil pipeline through eastern Siberia. Korea and Russia are expected to begin a technology review for the oil project in Sakhalin this year with the goal of starting oil exploration from next year.
An official of Chong Wa Dae said participation in the oil project will help the nation diversify its oil supply, which has been concentrated on Middle East nations, and secure a stable supply for crucial energy resources.
The two heads of state also agreed to expedite efforts to link the Trans-Siberian Railway (TSR) to the Trans-Korean Railway (TKR). They also attended ceremonies to sign pacts on oil refineries and chemical products between LG in the Tatarstan Republic and Samsung's pact for the repair and maintenance of an oil refinery in Khabarovsk.
The summit meeting between President Roh Moo-hyun and Russian President Vladimir Putin is evaluated in conclusion to have provided a major boost for bilateral economic cooperation, which has lagged behind South Korea's exchanges with other countries. Experts and government officials are of the same opinion that the leaders laid the groundwork for substantial cooperation between the two countries in energy, aerospace technology and information technology.
On the one hand, Roh and Putin promised to enhance their cooperation to help resolve the standoff over North Korea's nuclear weapons development. Roh asked Russia, which maintains friendly ties with both countries, to play a constructive role in persuading the North to defuse the nuclear tension.