Companies / South Korea
Seeking Self Sufficiency Through Resource Diplomacy
March 2008 | Industry NewsThe government of South Korea has announced that it is aiming to acquire 3.2bn barrels (bbl) of overseas oil and gas reserves in 2008. Faced with a high and rising import bill, South Korea needs to secure stable sources of supply to meet growing demand. With negligible resources of its own, the country is embarking on a diplomatic campaign to strengthen relations with resource-rich regions, particularly Russia and Central Asia, Africa and Latin America.
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