GS Energy buys stake in Abu Dhabi oil concession for $676 mln (updated)

GS Holdings

13/05/2015 09:53

* To buy 3 pct stake to secure S.Korea's biggest oil field 
assets 
    * Asian, Western firms bid for UAE's biggest oilfields 
 
 (Adds details, background) 
    SEOUL, May 13 (Reuters) - South Korea's GS Energy said on 
Wednesday it had agreed to buy a stake worth 743 billion Korean 
won ($676 million) in a new 40-year onshore oil concession in 
Abu Dhabi, the latest move by import-dependent Asian countries 
to secure upstream assets.  
    GS Energy would join Japan's Inpex Corp  1605.T  and 
France's Total  TOTF.PA  in developing the United Arab Emirates' 
(UAE) biggest oilfields after a deal with Western oil majors 
that dates back to the 1970s expired in January.  ID:nL6N0PR1YF  
    The 3 percent stake in the Abu Dhabi Company for Onshore Oil 
Operations (ADCO) concession would provide South Korea with its 
biggest oil asset of 800 million barrels, GS Energy said in a 
statement. 
    GS Energy, owned by GS Holdings Corp  078930.KS , has a 50 
percent stake in South Korea's second-largest crude oil refiner, 
GS Caltex Corp, with U.S. oil major Chevron Corp  CVX.N  holding 
the other half. 
    The ADCO purchase would "greatly contribute to stable energy 
supplies" in South Korea, GS Caltex said in a statement.  
($1 = 1,098.4700 won) 
 
 (Reporting by Hyunjoo Jin; Editing by Anand Basu and Alan 
Raybould) 
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters 
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net)) 
 
Keywords: GS OIL/EMIRATES