SEOUL, KOREA - Korea's major general trading companies, under pressure from the global recession and the weak Japanese yen, are trying hard to find their way out through efforts to develop overseas resources. According to industry sources on May 9, LG Corp. will increase its bituminous coal output in the Wantugu coal mine, Inner Mongolia, to 6 million tons this year from current 5.5 million tons. The company will also begin a commercial production in its NW Konys and Ada oil fields in Kazakhstan by late this year.
Meanwhile, Daewoo International expects that its gas fields in Myanmar will make them earn at least 60 billion won this year alone if they begin producing natural gas from July. The gas fields are estimated to have reserves of 4.5 trillion cubic feet (approximately 800 million barrels of oil equivalent).
SK Networks hopes that MMX Mineracao, the Brazilian iron ore developer it acquired in 2010, could improve its financial performance soon through higher iron ore trading profits. In addition, SK Networks is earning more than 20 billion won from resource development in such far-flung locations as Australia and Indonesia.
The general trading unit of Samsung C&T is also high in expectations that its power plant business could bring in incomes within this year, including the thermal power plant in Balkhash, Kazakhstan, and the wind and solar power project in Canada's Ontario.
저작권자 © Korea IT Times 무단전재 및 재배포 금지
