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S. Korea buys oil sands mine in Canada
July 24th, 2006
South Korea's state-run Korea National Oil Corp. (KNOC) Monday bought all
the stakes of an oil sands mine in Canada that can produce 250 million
barrels of oil, the Ministry of Commerce, Industry and Energy said.
According to a contract signed by KNOC CEO Hwang Doo-yul and Geoff Waterman,
vice president of Newmont Mining of Canada, in Seoul, the KNOC pays 270
million U.S. dollars for the Blackgold Mine's mining rights and expects
annual sales to reach 500 million U.S. dollars once full-scale production
commences in 2010.
Full story click here:
http://english.people.com.cn/200607/24/eng20060724_286135.html
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