Wednesday, June 18, 2008

S Korea to invest KRW 19tn in overseas oilfields and energy firms.

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S Korea to invest KRW 19tn in overseas oilfields and energy firms. According to the Korea Herald , the Ministry of Knowledge Economy announced recently that the state-owned Korea National Oil Corp (KNOC) would invest KRW 19tn in oilfields and energy firms overseas to increase its daily output from 50,000 to 300,000 barrels. The S Korean government's share in the investment would be KRW 4.1tn and the balance would come from the KNOC and private investors. The KNOC is expected to be able to meet 25% of the country's requirement of oil by 2012 compared to 4% at present. Korea is the world's fifth largest importer of oil.

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Selling short

S Korea to invest KRW 19tn in overseas oilfields and energy firms.

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