S. Korea to invest record $12 bln into overseas resources development in 2010

SEOUL, Jan. 19 (Yonhap) -- South Korea plans to invest a record US$12.0 billion
into overseas resources development this year to improve the country's
self-sufficiency in oil, gas and raw materials, the government said Tuesday.
The Ministry of Knowledge Economy said the investment is aimed at acquiring
foreign energy companies, purchasing stakes in oil and gas producing fields and
taking over mines.
"If such purchases can be made as planned, the country's self-sufficiency in
energy resources should exceed 10 percent or 310,000 barrels equivalent of crude
per day from 8.1 percent reached last year," the ministry said in a statement. In
2009 South Korean owned or invested in oil and gas fields that produced 241,000
barrels equivalent of oil per day.
The ministry added the state-run Korea Resources Corp. is expected to spend 130.7
billion won (US$116.3 million) to buy up mineral mines this year, up from 110.7
billion won used in 2009, while Korea Electric Power Corp. is moving to acquire
uranium mines and bituminous coal resources.
It said of the total, slightly more than $8.0 billion will be invested by public
companies such as Korea National Oil Corp. and Korea Gas Corp., with $3.9 billion
coming from the private sector.
The overall size of the funds represents a significant gain from the $6.7 billion
employed to buy oil fields and mineral mines last year.
yonngong@yna.co.kr
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