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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

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