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49

Korean KNOC to Increase its Size to Secure the Sources

The Korea National Oil Corporation should be at least "five times bigger"

South Korea's state-run oil firm has set out to develop as part of efforts to help secure crucial energy sources in a more stable manner.

The Korea National Oil Corporation (KNOC) should be at least "five times bigger’’ than its current size, President Lee Myung-bak said.

While the KNOC’s legal capital is 10 trillion won (roughly $9.85 billion), its paid-in capital stays at around 4.7 trillion won.

"This is not a small amount of capital for an ordinary company,’’ a company official said.

"But, compared with global oil giants, it is very small.’’