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Seoul searches for security

SOUTH Korea is set to become a much more active force in the hunt for overseas oil and gas assets, writes Ian Lewis. Last month, the National Pension Service (NPS), the world's fifth-largest pension fund, said it would invest W20 trillion ($21bn) in a range of energy and mining ventures – mirroring the trend evident in some other developed economies, notably the US, to invest pension funds in commodities. The country urgently needs long-term energy supplies. The spending plan will give state-owned energy firms Korea National Oil Corporation (KNOC) and Korea Gas Corporation (Kogas) the financial capability to compete with China and Japan in the pursuit of overseas energy assets. According t

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