GS Energy plans to buy stake in Abu Dhabi oil concession for $676 mln

GS Holdings

13/05/2015 08:17

SEOUL, May 13 (Reuters) - South Korea's GS Energy plans to 
buy a stake worth 743 billion Korean won ($676.4 million) in a 
new 40-year onshore oil concession in Abu Dhabi, joining Japan's 
Inpex Corp  1605.T  and France's Total  TOTF.PA  in developing 
the United Arab Emirates' (UAE) biggest oilfields.  
    Asian and western firms have bid for stakes in the Abu Dhabi 
Company for Onshore Oil Operations (ADCO) concession after a 
deal with western oil majors that dates back to the 1970s 
expired in January.  ID:nL6N0PR1YF  
  
($1 = 1,098.4700 won) 
 
 (Reporting by Hyunjoo Jin; Editing by Anand Basu) 
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters 
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net)) 
 
Keywords: GS OIL/EMIRATES