Azerbaijan, Baku /corr. Trend A. Badalova / South Korea's Deputy Minister of Trade, Industry and Energy, Li Jae Hun, expressed satisfaction with the issue that the Korean National Oil Corporation acquired 20% participation share in the Azerbaijani marine oil and gas project Inam.
Li Jae Hun is on a visit to Baku with the delegation who attended the joint business forum on 27 August. "I hope that all procedures [on acquisition of participation share] will be finalized in a short time," he said.
Korean National Oil Corporation has already reached an agreement with Shell on the acquisition of 20% out of 25% share of the British-Dutch company in Inam project. The shareholders to Inam are BP (25%), State Oil Company of Azerbaijan (50%) and Shell (25%). Thus, after Korean National Corporation joins the project, shareholders to the project will be BP (25%), SOCAR (50%), KNOC (20%) and Shell (5%).
" Korea is willing to join any projects belonging to the Government of Azerbaijan," the Deputy Minister said. According to him, Korea wishes to co-operate with Azerbaijan in the oil and gas and non-oil sectors.