South Korean KNOC shrinks KRG projects

摘要

Seoul—South Korea’s state-owned oil developer Korea National Oil Corp. is scaling back its exploration projects in northern Iraq’s autonomous Kurdish region due to what it says are uncertainties about their profitability KNOC signed an “oil-for-infrastructure” deal in 2008 with the Kurdistan Regional Gov ernment under which the South Korean firm was to provide $2.1 billion worth of infrastruc ture—such as bridges, roads and water supply systems—in the underdeveloped region of northeastern Iraq that had been neglected by the regime of Saddam Hussein. In return, KNOC, with various partners, was given the rights to develop five oil and gas blocks.