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🕑 Added 2025-09-03 16:49:44 +0000 UTCThe Korea-Russia Resource Cooperation Committee convened.
Unlike previous talks that were all about vague promises, the media reported that this meeting would focus on concrete and actionable projects.
It made sense, given the caliber of attendees.
On the Russian side were ministers and CEOs of energy companies—people with real authority.
On the Korean side, to match that level, the Minister of Industry, the CEO of KEPCO, and Kim Tae-jung, chairman of Taewoo Group, attended the meeting.
The cooperation committee began.
As with any first meeting, the atmosphere was warm and cordial at the start.
But it didn’t take long before the discussion moved into the main agenda, and conflicting interests began to surface.
“Russia has an estimated 80 billion barrels of oil reserves and more than 1,600 tons of natural
gas! We are offering a country like Korea, which lacks underground resources, a chance to
participate—so why are you being so hesitant?”
“This is not hesitation. This is a matter that requires deeper discussion and careful decisions, isn’t it?”
“If you continue with this attitude, we may hand over the development rights to Japan or China!”
“We are not saying we won’t participate! We will participate no matter what, but the scale and scope of involvement must be discussed first.”
The Russian side was taking a hard line.
The Minister of Industry wanted to respond strongly as well, but Lee Sang-woo, CEO of KEPCO, restrained him.
The future of KEPCO was at stake.
With losses increasing year after year, they needed a breakthrough, and developing Russia’s Far East region was considered a promising opportunity.
“Now, now! Let’s not argue. Let’s find a way to cooperate. We are honored to have such guests here—there’s no need to disgrace ourselves.”
“Chairman Kim Tae-jung, what ideas do you have?”
All eyes turned to Chairman Kim Tae-jung.
Even the Minister of Industry did not raise his voice against him.
Kim was a titan of industry once called the mentor of the president, deserving of respect.
“We cannot send our guests away empty-handed. We need to give a clear answer on whether we will participate in the development of Russia’s Far East.”
“KEPCO certainly plans to participate. However, the project is too large for KEPCO’s funds
alone, so we are exploring ways to raise investment capital.”
“Taewoo Group will also participate. Taewoo will take the lead in securing financing not only from Korean financial institutions but also from Wall Street in the United States.”
“If Taewoo Group leads, we will absolutely follow!”
The Russian side, receiving this through an interpreter from Chairman Kim and CEO Lee, smiled and joined the conversation.
“If you give us a definite answer, we are ready to sign an MOU immediately and establish a
corporate office or branch in Korea to facilitate smooth communication.”
“With Russia showing such enthusiasm, Minister, what are your thoughts?”
“Ahem, the Korean government also wants to strengthen energy cooperation with Russia,” the conversation continued smoothly, as if riding a favorable wind.
The Russian side actively promoted its resources, openly sharing information about the oil, natural gas, and minerals in the Far East region.
It was jaw-dropping news for the Korean side.
KEPCO’s CEO Lee Sang-woo was even eager enough to rush to Russia immediately to start
developing the Far East.
But the favorable wind only blew so far.
The Russian side presented somewhat demanding conditions.
“There will be a significant number of Russian energy companies establishing branches in Korea. Among them, the state-owned Gazprom plans to set up a branch here. For smooth
communication, we want them to settle in Seoul.”
“Of course, that makes sense. KEPCO will actively look for a suitable location.”
“I’ve heard KEPCO is planning to relocate its headquarters to the outskirts, and we want to
secure a site there.”
“Are you suggesting you want to establish your branch on KEPCO’s current headquarters site? The KEPCO headquarters relocation hasn’t been finalised yet.”
KEPCO’s CEO Lee Sang-woo was taken aback by the sudden condition.
Yet the Russian side pressed on.
“We’re not asking for the land at a bargain price. We’ll pay double the current value.”
“No matter what, the land issue is beyond our authority. It requires government approval and
political and public consensus for the relocation to proceed.”
“How about this, then?”
Chairman Kim Tae-jung stepped in at the right moment.
All eyes turned to him as he carefully began to speak.
“The KEPCO headquarters relocation is a political issue to be resolved by lawmakers. But simply asking them to fix it won’t get it done. So, why don’t we draft a plan to auction the KEPCO land to Korean companies, with the condition that companies who purchase it provide space for the Russian energy companies’ branches or offices? If we submit this proposal to politicians, it might shorten their deliberation.”
“If the land is sold through auction, the price will increase, but it assumes KEPCO will relocate its headquarters. KEPCO has no plans to move elsewhere.”
If KEPCO were to relocate, it would likely leave Seoul for another region.
Both the government and politicians sought regional balance and development, meaning KEPCO would have to leave Seoul.
But who would want to leave Seoul?
Most of the employees working at KEPCO had already settled their lives in Seoul.
If the headquarters were to relocate to another region, they would have to choose between
moving their entire families or quitting their jobs.
So, from CEO Lee Sang-woo’s perspective, preventing KEPCO’s headquarters relocation was a top priority.
“Oh, come now! What could be more important than national development? If the country’s
progress depends on KEPCO staying in Seoul, then I might understand. But if that’s not the case, shouldn’t we tolerate some inconvenience?”
“No matter what, the public opinion hasn’t formed yet, and we haven’t even surveyed the
opinions of KEPCO employees.”
“Then we should start checking now!”
“How about looking for other sites? KEPCO can help find a building that can be leased entirely.”
“Are you suggesting that Russia’s pride—their energy companies—should rent space? That
would be an insult to Russia.”
A Russian official, who had been quietly listening, spoke sharply.
His face reddened with indignation, showing just how deeply insulted he was, leaving CEO Lee no choice but to stay silent.
“Let us first reach a broad agreement on Korea-Russia energy development cooperation, and leave the KEPCO land issue to the political realm. Minister, CEO Lee, what are your thoughts?”
“The government and the Ministry of Industry agree.”
“...KEPCO also agrees. However, without public support, relocation is absolutely impossible.”
“That matter will be handled by the politicians. And let me reiterate—national development is paramount. Think broadly about which decision best serves the country’s progress. If KEPCO remains so passive, Taewoo Group will have no choice but to reconsider this entire project from the start!”
Chairman Kim Tae-jung stood up abruptly.
Though rude, no one dared stop him.
CEO Lee Sang-woo had no choice but to watch Kim Tae-jung’s retreating back with his head
bowed, as if he were a culprit.
Grandfather returned to the company with a stern expression.
I quickly rushed to the chairman’s office to ask about the situation.
“Did the talks not go as we hoped?”
“Oh, getting old makes it hard to control my facial muscles as I wish. I had to keep a poker face the whole time; I feel like I might get Bell’s palsy.”
He moved the muscles around his mouth this way and that.
Then, he smiled faintly at me.
“Was it all just an act?”
“To fool those sneaky ones, you have to put on an act like that, don’t you think? The Russians were too eager to demand the KEPCO land, so I deliberately acted serious to steer the situation.”
“KEPCO absolutely refuses to relocate their headquarters, right?”
“Which company wants to leave Seoul? KEPCO is no different. But since KEPCO is a public
enterprise, if the politicians want it, they’ll have to move eventually.”
“Now it’s the politicians’ turn to move. I’ll meet with Representative Choi Jae-seok to discuss.”
Balanced national development.
Emphasising just this was enough to convince Representative Choi, who promised he’d be
willing to take bold steps for the country’s progress. Through him, we could influence the
People’s Economic Party, known as the political core.
“Even if the politicians move, relocating KEPCO’s land could take years. Honestly, I’m not even sure if the energy cooperation project with Russia will succeed.”
“The project might succeed or fail. But as long as we can buy the KEPCO land during the
process, the project’s outcome isn’t that important to us.”
“You wicked devil! Where did you learn such bad habits?”
I looked at Grandfather steadily.
Who else could I have learned it from?
“Before KEPCO relocates, we should first focus on securing the rights to the KEPCO land. The relocation can take its time, but wouldn’t it be better to make sure the land is ours first so we can feel at ease?”
“Even if KEPCO sells the land, it’s not over. Once it goes to public bidding, other companies will be eyeing that land too.”
“How many companies do you think can actually buy the KEPCO land? If we coordinate well beforehand, it’ll be fine. And if coordination fails, we can simply outbid everyone with a price no one else can match.”
“Ugh, talking to you shakes up all the economic principles I’ve built up so far. Enough chatter— go meet Representative Choi Jae-seok and get back to me.”
Though he spoke like that, Grandfather was clearly eager to get the KEPCO land.
That’s why he wanted me to push for KEPCO’s headquarters relocation issue to be seriously
handled in the political arena.
I had to do as he wished.
I quickly arranged a meeting with Representative Choi Jae-seok and, with Captain Kang’s help, was able to meet him in a quiet place before sunset.
“How have you been?”
“Very busy, but well. It looks like bringing the IIT Korea campus here might happen as early as this year. Both ruling and opposition parties are responding positively, and public opinion isn’t bad either.”
“It seems the capital relocation issue has drawn all the attention, so the IIT Korea project is
quietly moving along.”
Politics tends to focus on issues that win votes.
Though the IIT Korea campus project was an important educational matter and not to be taken lightly, my prior groundwork had smoothed out most obstacles.
“The capital relocation issue is making Yeouido very noisy. Neither the ruling party nor the
opposition is willing to compromise.”
“When the Constitutional Court ruling comes out, I believe people will return to the compromise plan you devised.”
“In fact, there’s already quiet talk about revisiting the compromise plan I made.”
“Could I ask you to add one more point to the compromise plan?”
“What kind of point?”
“The capital relocation is ultimately about balanced regional development, isn’t it? For balanced development, wouldn’t it be better if not only administrative ministries but also public enterprises like KEPCO relocate their headquarters to other regions?”
It was a perfect justification.
There was no absolute need for public enterprises’ headquarters to be in Seoul.
Before the regime change, several public enterprises had already relocated their headquarters for this exact reason.
Representative Choi nodded in agreement, clearly understanding and sympathising with my suggestion.
