Shares of 8 Caspian Oil Probe Consortium Member Firms Show Strength

SEOUL, KOREA- The shares of companies that are expected to benefit from the news of Korean National Oil Corp. discovering oil in the Zhambyl block in the Kazakh sector of the Caspian Sea have shown strength on August 29. At 9:04 am on the same day, the shares of SK Innovation were traded at 143,000 won, up 2.14 percent from the previous day's 140,000 won. Other shares of the companies in the consortium including Daesung Industrial, Samsung C&T, Daewoo Shipbuilding & Marine Engineering, Hyundai Hysco, and LG International Corp. were on the rise.

On the previous day, the state-run oil company announced that it found oil in a Zhambyl well (ZB-1) that it had explored since this May. The Zhambyl block, with an area of 1,935 square kilometers, is located in the northwestern part of the Caspian Sea with a depth of 3 to 8 meters.

Kazakh state-run company Kazmunaigas holds a 73-percent stake in the project while the Korean consortium comprised of eight Korean companies including Korean National Oil Corp. (9.45%), SK Innovation (6.75%), Hyundai Hysco (2.7%), LG International Corp. (2.7%), Aju Industrial (1.35%), Samsung C&T (1.35%), Daewoo Shipbuilding (1.35%), and Daesung Industrial (1.35%) holds the remaining 27-percent stake.

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