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S Korea plans 18 bln dlr oil investment
SEOUL - South Korea's state oil firm will invest more than 18 billion dollars to raise crude production capacity sixfold in the next five years, the Ministry of Knowledge Economy said Thursday.
The Korea National Oil Corp will spend 19 trillion won (18.4 billion dollars) buying oilfields and energy firms overseas to increase its daily output from 50,000 to 300,000 barrels, it said.
The ministry said 4.1 trillion won would come from state coffers, with the remainder from the KNOC and private investors.
The cash injection is likely to raise the corporation's assets to 30 trillion won from the current 9.4 trillion won, it said.
It forecast that KNOC would be able to meeet around 25 percent of the country's crude oil demand by 2012, up from the current four percent.
The state oil developer retains holdings in 37 oilfields overseas, 26 of which are still being developed.
South Korea is the world's fifth largest oil importer and has been hard hit by global price increases.
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