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915

Korean KNOC to Increase its Size to Secure the Sources

The Korea National Oil Corporation should be at least "five times bigger"

Korean KNOC to Increase its Size to Secure the Sources

South Korea's state-run oil firm has set out to develop as part of efforts to help secure crucial energy sources in a more stable manner.

The Korea National Oil Corporation (KNOC) should be at least "five times bigger’’ than its current size, President Lee Myung-bak said.

While the KNOC’s legal capital is 10 trillion won (roughly $9.85 billion), its paid-in capital stays at around 4.7 trillion won.

"This is not a small amount of capital for an ordinary company,’’ a company official said.

"But, compared with global oil giants, it is very small.’’

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