South Koreans Look to Invest In Caspian Oil

A delegation from the South Korean Ministry of Commerce, Industry and Energy is to arrive in Kazakhstant to study the possible participation of Korea in oil exploration in the Caspian Sea region. Representatives of the Ministry, the Korea National Oil Corp. (KNOC) state-run corporation, Samsung Corp., SK Corp., LG International and Daesung Industrial Co have formed a consortium to pursue the business. The ministry officials siad they hope that the participation of South Korea in oil projects in the Caspian Sea and oil imports from overseas oil fields would allow to oil exports to go up to ten per cent from the current two per cent. Negotiations concerning joint development of oil fields with Kazakhstan will likely start in July, the official added.