Kazakhstan. Korea spent $0.5 bln for oil deposits

The Korea National Oil Corp (KNOC) has purchased for $515 mln 95% of Altius Holdings that holds the right for the development of  oil deposits in Kazakhstan. As Bloomberg reports, the deal was signed last week, however, KNOC has only made a report only now.
Altius Holdings has the right to develop the Besbolek, Karataykyz, Alimbai and other deposits. Their total reserves are estimated at 56.9 mln barrels.
The Korean company has also reported that it purchased for $1.55 bln the stake in the project on hydrocarbon production out of shale in Texas. The agreement was signed with the company Anadarko. Korea is trying to actively swallow raw material assets overseas for it strongly depends on oil imports. In February the representatives of the State company said that they would like to spend $4 bln for the purchase of oil assets. In 2009 the company purchased a 50% stake in the Peruvian Petro-Tech Peruana for $450 mln and the Canadian Harvest Energy Trust for $3.9 bln.
Reuters thinks that Korea is the 5th in the world on oil imports. By 2019 the local Government plans to grow the stake of its production to imports to 30%. In 2010 the same rate was 10.8%. 

http://www.geonews.com.ua/index.cgi?a=40456
Translated by Galiya Davletgareeva