Kogas of South Korea Aims to Slash Debt Through Asset Sales
Kogas of South Korea, the world’s largest corporate buyer of LNG, is reportedly planning to cut 10.5 trillion won (US$9.9 billion) in debt by 2017 through asset sales and the reorganization of business operations.
Kogas aims to sell its 47 percent stake in an Iraqi gas well, worth some 370 billion won, with smaller foreign operations in Canada and Uzbekistan also to be sold off to generate cash, Yonhap news agency reported.
The company will also issue 750 billion won in new corporate bonds with another 400 billion won to come from attracting resources development funds from abroad, according to the report.
LNG World News Staff, March 11, 2014; Image: Kogas