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Seoul (ANTARA News/Asia Pulse) - The state-run gas agency Korea Gas Corp. (Korea Gas) (KSE:036460) will invest US$1.1 billion to jointly develop natural gas fields in Canada with local firm Encana Corp., a deal that will secure gas shipments to South Korea, the local firm said Sunday.

Under the deal with the biggest natural gas company in North America, Korea Gas acquired a combined 50 per cent stake in three oil fields in northeast British Columbia and will start extracting 1.1 million tons of natural gas every year for 40 years beginning in 2017, the company said.

In the meantime, Korea Gas will invest US$1.1 billion to build gas exploration and production facilities, it said.


Source:
Business in Asia Today - March.2, 2010
published by Asia Pulse

Editor: Ricka
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