South Korean KNOC leaves two upstream-projects in Uzbekistan

The South Korean Korea National Oil Corporation (KNOC) has decided to stop the search for hydrocarbon raw materials at two projects in Uzbekistan, a source that is close to the projects reported to the RIA Novosti on Friday.

“The decision of projects termination is connected with the company’s total strategy on minimization of financial expenses and commercial inexpediency of the further participation in them,” – the source reported.

As the agency Platts reported on Friday, referring to representatives of the South Korean company, that KNOC can sell its Canadian subsidiary – the petrochemical company Harvest Operations in order to improve its financial situation.

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