Companies / South Korea
Diversification Efforts Should Continue
September 2006 | Industry NewsSouth Korea is expanding its energy investments in the Kazakhstan upstream sector as part of wider plans to diversify the country's sources of supply. LG International, a subsidiary of South Korean conglomerate LG, acquired a 50% stake in the Egizkara field, following on from state-run Korea National Oil Corporation (KNOC)'s acquisition of a 27% stake in the Zhambyl block in early September. Greater co-operation between the two countries will bring benefits to both sides. South Korea will gain access to plentiful reserves from a relatively stable operating environment, while Kazakhstan will gain another customer with strong oil demand growth prospects.
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