S. Korea Buys Canadian Oil Sands Property
July 24, 2006
South Korea’s state-owned oil company is buying an oil sands property in Alberta, Canada.
The Blackgold Mine in the Cold Lake region of Alberta will allow South Korea to extract 30,000 to 35,000 barrels of oil per day for the next 25 years, JoongAng Ilbo reported Monday.
Korea National Oil Corp. is buying the property from Newmont Mining of Canada, which is a subsidiary of Newmont Mining Corp. of the United States.
Production from the property is set to begin in 2008.