CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

S Korean public institutions to raise investment into resources development

02-10-2012 14:02 BJT

SEOUL, Feb. 10 (Xinhua) -- South Korean public institutions planned to raise their capital spending into overseas resources development this year in a bid to enhance the country's self- sufficiency of natural resources, the finance ministry said Friday.

Planned investment by 44 major public firms, including the Korea National Oil Corp. and the Korea Gas Corp., amounted to 68.5 trillion won (61.08 billion U.S. dollars) in 2012, up 1.8 percent from a year earlier, according to the Ministry of Strategy and Finance.

The growth was mainly attributed to expanded investment plans for natural resources development projects. The state-run Korea National Oil Corp. planned to invest 8.1 trillion won this year into purchases of overseas mining areas, while the Korea Gas Corp. will spend 5.5 trillion won on overseas LNG projects. Those figures were up by 2.4 trillion won and 1.2 trillion each compared with the previous year.

By sector, investment by energy-related public institutions will increase 21.2 percent on-year to 27.4 trillion won, but investment on social overhead capital (SOC) will decrease 10.6 percent to 35.4 trillion won as major construction works related with four-river refurbishing projects were completed, according to the ministry.

The public firms front-loaded 55.2 percent of their 2012 investment outlay in the first half in a bid to help the Asia's No. 4 economy better respond to the potential economic slump. The finance ministry also planned to spend 60 percent of this year's budget in the first six month.

Editor:Zhang Rui |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program