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Start your day with a roundup of key stories from The Korea Herald with news and comment on all that’s happening in Korea.

Korea's state oil company KNOC shuts down US$130m Iraq project

By 최희석

Published : Aug. 23, 2016 - 10:05

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[THE INVESTOR] Korea National Oil Corporation will pull out of Iraq’s Sangaw South oil field project. The state-run company has injected about US$130 million into the project since 2008.

At the time, the company acquired 50 percent stake in the project, expecting large oil reserves. However, the company decided the project has little merit to continue.

As recently as March 2015, the KNOC had expected to strike oil, and claimed at a National Assembly audit that the Sangaw South project would enable it to offset losses in other overseas projects.

By Choi He-suk (cheesuk@heraldcorp.com)

Korea's state oil company KNOC shuts down US$130m Iraq project

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