S. Korean firms buy oil field

Fri, 21 Feb 1997, 00:00 WIB | Source: JP

SEOUL (UPI): South Korea's Lg, Kumho and Hyosung Corp. have
signed a sales and purchase agreement to buy a 50-percent share
of an oil field in Oman, a spokesman said yesterday.

Located off northwest Oman, the Bukha oil field produces 4,900
barrels of oil daily, said Kim Shik, spokesman for Lg Corp.

The companies will buy the 50-percent share from Bukha
Exploration Ltd., a subsidiary of Transworld Oil Ltd. of the
United States, said Kim.

Lg will hold a 30-percent stake in the US$89-million company
while Kumho and Hyosung will each own 20 and 10 percent, Kim
said.

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