Source: JoongAng Daily
March 26, 2011
Public-private delegation visits nations formerly courted by Chinese companies
‘Angola and Ghana are politically stable compared to other countries in the region.’
Korea is seeking opportunities to participate in various energy development projects in Africa that have been dominated by Chinese firms in the past, according to the Knowledge Economy Ministry yesterday.
A delegation of officials from the government and private firms, led by Deputy Minister Kim Jung-gwan, visited Angola and Ghana for a week recently and discussed ways to build cooperative ties in energy development projects such as developing liquefied natural gas and oil fields, as well as constructing oil refineries.
In Angola, the Korean government held an economic forum, inviting the country’s ministers in charge of construction and petroleum, and discussed ways to cooperate in developing mines, constructing oil refineries and building infrastructure. In Ghana, the Korean government held an investment seminar and signed a memorandum of understanding with the African government. Private firms including SK Energy, Daewoo International and Samsung C&T also expressed interest in participating in projects, including building a 100,000-barrel oil refinery and a gas pipeline.
“Angola and Ghana are politically stable compared to other countries in the region and have potential for economic growth,” the ministry said in a statement yesterday. “The two countries are essential partners for Korea in seeking energy resources as they are countries with an abundance of natural resources.”
Angola is the third-largest oil producing country on the African continent while Ghana also started oil production last year and wants to build up its industrial infrastructure.
“Chinese firms have been very actively participating in energy development projects in Africa,” said an official from Samsung C&T. “Korea is a relative late-comer in exploring resources in African countries, but there are still opportunities.”
The delegation’s visit to Africa comes as Korea is trying to diversify the source of its energy imports and also raise its self-sufficiency in natural resources to better cope with rising international oil prices. Recent uncertainties in the Middle East led by the Libyan crisis along with the Japanese earthquake and tsunami have made energy resources a more vital concern for Korea.
According to the ministry, Korea’s self sufficiency in crude oil and natural gas was 10.8 percent of local demand last year. Korea aims to push the rate to 13 percent this year by promoting acquisitions of overseas fields. A total of 34 Korean companies were engaged in 180 overseas development projects as of last year.
By Lee Eun-joo [angie@joongang.co.kr]
‘Angola and Ghana are politically stable compared to other countries in the region.’
Korea is seeking opportunities to participate in various energy development projects in Africa that have been dominated by Chinese firms in the past, according to the Knowledge Economy Ministry yesterday.
A delegation of officials from the government and private firms, led by Deputy Minister Kim Jung-gwan, visited Angola and Ghana for a week recently and discussed ways to build cooperative ties in energy development projects such as developing liquefied natural gas and oil fields, as well as constructing oil refineries.
In Angola, the Korean government held an economic forum, inviting the country’s ministers in charge of construction and petroleum, and discussed ways to cooperate in developing mines, constructing oil refineries and building infrastructure. In Ghana, the Korean government held an investment seminar and signed a memorandum of understanding with the African government. Private firms including SK Energy, Daewoo International and Samsung C&T also expressed interest in participating in projects, including building a 100,000-barrel oil refinery and a gas pipeline.
“Angola and Ghana are politically stable compared to other countries in the region and have potential for economic growth,” the ministry said in a statement yesterday. “The two countries are essential partners for Korea in seeking energy resources as they are countries with an abundance of natural resources.”
Angola is the third-largest oil producing country on the African continent while Ghana also started oil production last year and wants to build up its industrial infrastructure.
“Chinese firms have been very actively participating in energy development projects in Africa,” said an official from Samsung C&T. “Korea is a relative late-comer in exploring resources in African countries, but there are still opportunities.”
The delegation’s visit to Africa comes as Korea is trying to diversify the source of its energy imports and also raise its self-sufficiency in natural resources to better cope with rising international oil prices. Recent uncertainties in the Middle East led by the Libyan crisis along with the Japanese earthquake and tsunami have made energy resources a more vital concern for Korea.
According to the ministry, Korea’s self sufficiency in crude oil and natural gas was 10.8 percent of local demand last year. Korea aims to push the rate to 13 percent this year by promoting acquisitions of overseas fields. A total of 34 Korean companies were engaged in 180 overseas development projects as of last year.
By Lee Eun-joo [angie@joongang.co.kr]
