[Sponsored Report] Kogas promotes itself overseas
The company also seeks to improve its global reach by securing human resources, key technology and capital. And last of all, by elevating its management system, Kogas plans to stabilize management and operate the organization based on output and results.
Kogas also plans to promote various overseas businesses to secure energy resources and stabilize the natural gas supply with natural gas imports and local supply. Last year, the company was very active in spreading overseas.
The Zubair and Badra oil projects in Iraq were two major overseas projects and in case of the Zubair oil field, Kogas is expected to recover part of its investment some time in the early part of this year.
Kogas has also made inroads to unconventional gas development businesses in Canada with shale gas and tight gas. In February 2010, Kogas purchased 50 percent in shares of three mines producing shale gas from Encana, a Canadian company that has produced shale and tight gas at the Jackpine Mine and others.
In January 2011, Kogas decided to purchase a 20 percent stake in Umiak Discovery, located in the northern part of Canada. Kogas became the first Korean company to enter far north for resource development.
Kogas is currently importing natural gas from overseas in LNG form. It then evaporates the gas and supplies it to 26 power plants and 30 local gas companies in Korea. Kogas was recently named the fourth most admired company in the world in the energy industry by Fortune. And among Korean companies, it came in second and was the only public company chosen.