South Africa, South Korea Sign Deal on Hydrocarbon Exploration

- South Africa, South Korea Sign Deal on Hydrocarbon Exploration

Tuesday, July 05, 2011
Deutsche Presse-Agentur (dpa)

The national oil companies of South Africa and South Korea on Tuesday signed a deal on hydrocarbon exploration in Africa.

PetroSA and the Korea National Oil Corporation (KNOC) said they will also explore investment opportunities in the oil and gas sector on the continent.

The South African company said the deal would help it secure fuel supplies for the country, while its South Korean counterpart said this was a "golden opportunity to advance into African regions."

This is the latest deal between major Asian economies and African firms on natural resources, while countries like South Korea seek access to key exports to ensure their growth.

Copyright 2011 dpa Deutsche Presse-Agentur GmbH

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[Oil and Gas Post] - Samsung wins $2.76 bn project in Saudi Arabia

Samsung wins $2.76 bn project in Saudi Arabia

22 Mar, 2011, 11.40AM IST,AFP

SEOUL: South Korea's Samsung Engineering Co. said Tuesday it had signed a $2.76 billion deal to build a natural gas liquid complex in eastern Saudi Arabia .

Under the deal signed with Saudi Arabia's state-run oil company, Aramco , Samsung Engineering will complete the complex in Shaybah oil and gas field by June 2014.

The plant will produce 750,000 barrels of crude oil and more than 200,000 barrels of natural gas liquids a day.

Samsung Engineering has now secured five projects worth a total of $5 billion, including a power plant project in Wasit, 50 kilometres (30 miles) north of the industrial city of Jubail.

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