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La corée se réveille après le rachat de Addax pour Sinopec

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N'ayant pas digéré le rachat de Addax par sinopec, la corée va travailler avec son fond souverain (30milliard$) et les fonds de pension (180 milliard$) pour acheter des entrepreprises pour assurer son appro en énergie. En commencant par mettre en place un fond de 800m$.

La chine a acheté des entrprises pour 12milliard$ depuis le début de l'annéee dont 7.2M$ poir addax

chaud devant...

By Shinhye Kang and Seyoon Kim

Aug. 12 (Bloomberg) -- South Korea, beaten by China in a race to buy Geneva-based Addax Petroleum Corp. earlier this year, may work with the nation’s $30 billion sovereign wealth fund to bid for energy assets.

“We are reviewing several overseas energy assets including companies and oil and gas fields for potential acquisition,” said Minister of Knowledge Economy, Lee Youn Ho, whose portfolio includes energy. The Korea Investment Corp. and the country’s National Pension Service may join with state-run Korea National Oil Corp., Lee said in an interview at his office near Seoul yesterday.

South Korea is in competition for energy resources with China, whose companies have spent at least $12.6 billion on oil assets overseas since December, including purchases in Singapore, Syria and Kazakhstan. China Petrochemical Corp., or Sinopec Group, agreed in June to buy Addax for $7.2 billion, beating Korea National Oil.

“We lost Addax, but we believe there will be better assets,” Lee said. “Still, acquiring oil assets needs a lot of money so the government is trying to raise funds from private investors and team up with state-run financial institutions.”

China, India and South Korea are looking to secure energy supplies after crude oil fell from an all-time high last year, making assets cheaper. Oil futures in New York have advanced 56 percent this year on signs the worst of the global recession has passed. Prices are still 53 percent below the record $147.27 a barrel reached in July 2008.

‘Good Time to Buy’

“This is a good time to buy overseas energy assets before a possible global economic recovery pushes up crude prices” too high, said Kim Pil Soo, an economist at Hyundai Research Institute. “South Korea has abundant foreign exchange reserves, so it will be good to use part of them to buy energy assets.”

The National Pension Service oversees $188 billion and is South Korea’s largest investor.

KIC, set up in July 2005 to invest part of South Korea’s foreign-exchange reserves overseas, will start allocating $1 billion this year in “alternative investments,” including real estate, commodities and private-equity and hedge funds, Chief Executive Officer Chin Young Wook said on July 15.

The government has said it aims to source more than 7.4 percent of its oil and gas imports from South Korean-owned fields this year, up from 5.7 percent in 2008.

Production from foreign fields may rise by 53,000 barrels a day of oil equivalent by the end of this year, reaching 224,000 barrels a day, or 81.8 million barrels a year.

‘Package Deals’

South Korea plans to create a 1 trillion-won ($807 million) fund for overseas energy and mineral development. Korea National Oil and Korea Resources Corp. will contribute 110 billion won to the fund while the rest will be from private investors, the ministry said in May.

While China’s ability to raise funds is strong, South Korea is able to provide construction and shipbuilding as part of international energy transactions, Lee said.

“We can offer package deals such as construction of plants or providing drill ships,” Lee, 61, said.

The nation will meet its initial target of oil and gas imports from fields it owns after Korea National Oil bought Petro-Tech Peruana SA of Peru in February. The state-run oil developer and Colombia’s Ecopetrol SA purchased Petro-Tech for $900 million to increase production.

Russian Gas

South Korea, the world’s biggest buyer of liquefied natural gas after Japan, is studying with Russia options for supplying gas from Russia’s Far East, Lee said.

One option is a pipeline through North Korea. While North and South Korea share a border, they lack a standard diplomatic channel because their 1950-1953 war ended without a peace agreement.

“A final decision may be made in December,” Lee said. The option of laying pipeline through North Korea may require Russia to play a bigger role in negotiations because of Russia’s relationship with North Korea, Lee said.

OAO Gazprom, Russia’s biggest natural-gas producer, and state-run Korea Gas Corp. signed an accord in September to import 7.5 million metric tons of gas.

LNG is natural gas that has been chilled to liquid form, reducing it to one-six-hundredth of its original volume at minus 161 degrees Celsius (minus 259 Fahrenheit), for transportation by ship to destinations not connected by pipeline. On arrival, it’s turned back into gas for distribution to power plants, factories and households.

To contact the reporter on this story: Shinhye Kang in Seoul at; Seyoon Kim in Seoul at

Last Updated: August 12, 2009 01:40 EDT

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