The Korea National Oil Corporation said that five global companies have expressed interest in joining the development of the potential oil and gas reserves.
Industry Minister Ahn Duk-geun said Monday the government needs to take a “prudent approach” in attracting foreign investment for the development of potential oil and gas reserves off the East Sea and revamp related policies to brace for the project.
The Ministry of Trade, Industry and Energy said that the drilling site will be chosen by July to complete the analysis in the first half of next year.
It is a common wisdom that gas reserves sit under the sea off the Pohang coast. The question is their economic value.
As the U.S. Fed kept interest rates at 5.25 percent to 5.50 percent for the sixth straight meeting, the market response indicated that traders perceived the Fed’s stance to be “dovish in general,” the Bank of Korea said Thursday in a release.
Korea’s consumer price index rose to levels never seen before in 2023. But the forecast doesn’t seem so sunny for the new year, as the U.S. Federal Reserve has indicated that it does not plan to lower interest rates any time soon.
Korea will closely monitor the market, taking note of the possibility of further volatility in the financial markets here and abroad, the country's central bank said Thursday.
Korea's foreign reserves grew in April as the dollar's descent increased the conversion value of holdings in other currencies, central bank data showed Thursday.
Korea's foreign reserve fell short of the IMF's advisory rating for three straight years. The International Monetary Fund (IMF)'s Assessing Reserve Adequacy on Wednesday rated Korea's foreign exchange reserve adequacy last year at 97 percent.
A bank employee sorts dollar bundles at Hana Bank's Counterfeit Notes Response Center in Jung District, central Seoul, on Wednesday. Korea's foreign exchange reserve in March stood at $426 billion, up $780 million on month.
Korea JoongAng Daily Sitemap