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South Korea May Purchase Canadian Oil Sands

South Korea has all chances to get the access to Canada's lucrative oil sands

South Korea has all chances to get the access to Canada's lucrative oil sands, but they don't plan to keep the barrels for themselves.

Earlier this year, South Korea's national oil company, the Korean National Oil Corporation, paid an American company $270 million to take over a patch of land reported to hold 250 million barrels of crude oil.

As the world's fourth largest importer of crude oil, with the vast majority coming from the Middle East, S. Korea sees the purchase as a move to ensure instability in that region won't affect its growing economy, says Sungwook Moon, first secretary at the South Korean Embassy.