“Overseas resource development is a necessity rather than a choice for KEPCO. In a country that depends on imports for most of its energy needs, we acutely need overseas resources bases that would stabilize supply and shield against price fluctuations,” KEPCO CEO Kim Ssang-su said recently.
A stable energy resource has been a concern of strategic interest for Korea and other fast-growing economies, resulting in fierce international competition and often becoming a source of diplomatic spats.
China recently halted supplying Japan rare earths, key to electronic goods, in retaliation for the latter’s refusal to release the captain of a Chinese fishing boat. China currently produces more than 97 percent of the total global rare earths supply.
Korea, which depends on imports for most of its energy needs, has been stepping up overseas resource development projects over the past few years.
Most recently, Korea National Oil Corp. succeeded in a hostile takeover with Dana Petroleum of the U.K. in September while Korea Resources Corp. acquired a lithium development right for a Bolivian mine and November.
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