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circling the wagons: Korean consortium loses rights to Russia oilfield

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phantom power Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-14-08 02:55 PM
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circling the wagons: Korean consortium loses rights to Russia oilfield
SEOUL (AFP) - A South Korean-Russian consortium has lost its licence to explore and develop a huge offshore oilfield in Russia's west Kamchatka, a state petroleum company said Wednesday.

The Korea National Oil Corp (KNOC) said the Russian government last month rejected a request to extend a five-year licence granted to the consortium led by KNOC and Russia's state-run Rosneft.

http://news.yahoo.com/s/afp/20080814/bs_afp/skorearussiaenergyoil_080814072858;_ylt=As7otJyoYJDIv_xUlqXZ3XSAsnsA
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