S. KOREAN FIRMS TAPPING INTO RUSSIA'S CONSTRUCTION MARKET.

SEOUL, June 1 Asia Pulse - Many South Korean construction firms are making inroads into Russia, whose booming economy in recent years has put it in need of more infrastructure, local industry sources said Tuesday.

Russia, which has the world's largest reserve of natural gas and the eighth-largest reserve of crude oil, has been enjoying fast economic growth due to surging oil exports during the past few years.

As part of efforts to sustain the growth, Russia is seeking to expand its infrastructure, and a growing number of South Korean firms are moving to cash in on the growing construction market in Russia, according to the sources.

LG Engineering & Construction Corp. is currently in talks with the Republic of Tatarstan on the completion of a US$2.6 billion deal to build a petrochemical plant and oil refinery, the sources said.

The company's move follows its signing of a similar deal with the Russian republic worth $35 million earlier this year.

The latest project for the construction of a petrochemical plant in Tatarstan is the largest of its type in ...