Free Aden

Towards The Liberation of South Arabia

S.Korea firms offer to sell Yemen oil fields- report

Posted by FREE ADEN on June 25, 2009

SEOUL, June 23 (Reuters) – A South Korean consortium is offering to sell stakes in its oil fields in Yemen, estimated to hold 36 million barrels of crude reserves, a report said on Tuesday.

Online news outlet MoneyToday cited unnamed industry sources as saying that state-run Korea National Oil Corp (KNOC), Hyundai Heavy Industries (009540.KS) and Hanwha, a chemicals-to-brokerage group, were offering 47.5 percent of their stake in the fields.

Hyundai Heavy invested 31.1 billion won ($24.10 million) in the fields, while Hanwha invested 10.3 billion won at the time of signing a joint operating agreement with Yemen in 2007.

Market players estimated the stakes would have a value of around $50 million, the report said.

But KNOC said it had not made any decision regarding the four fields in Yemen, although it was looking into reorganising its asset portfolio. (Reporting by Angela Moon; Editing by Chris Lewis)

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