Korea seeks 1.5 Billion in Iraqi oil investments

Korea seeks 1.5 Billion in Iraqi oil investments

February 1, 2010

South Korea’s Gas Corporation (KOGAS) said on Thursday that it seeks the investment of $1.50 billion into Iraqi oilfields as part of a consortium led by Russia’s Gazprom, according to a release by the company. “Oil pumping from the field of Badra, whose development contract was won by Gazprom, could reach 170,000 barrels per day,” read the statement as received by Aswat al-Iraq news agency.

KOGAS is the public natural gas company and it was established by the Korean government in 1983. KOGAS has now grown to become the largest liquefied natural gas (LNG) import company in the world and operates three LNG regasification terminals and 2,721 km of natural gas pipelines in South Korea.AmR (P)

Source: Aswat Al Iraq