Korean Consortium To Invest In Kazakh Oil Sector

A consortium of South Korean companies plans to participate in the development of oil fields in the Kazakh sector of the Caspian Sea, South Korean Ambassador to Kazakhstan Che Syng-ho said after a meeting with Kazakh Prime Minister Imangali Tasmagambetov.

He said that the consortium contains five leading companies from the Korean energy industry that are successfully working abroad, including Samsung, Tesong and Songen.

The ambassador, having noted that the consortium has only recently been set up and has just started to study the Kazakh oil and gas sector, did not name any concrete fields that are of interest to the Korean side, Interfax reports.

"The Kazakh prime minister positively received the wishes of Korea to participate in investment projects in the oil and gas sector in the republic, but also expressed the hope that business people in that country would also show interest in other branches of the economy, particularly in the area of processing agricultural produce and in information technology.