IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Outflow (subsidised)

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 09 Nov 2009 | Removal date: open ended
Still in force

Financial assistance in foreign market

The Korean Eximbank provided the Korea National Oil Corporation (KNOC) a credit line of with a total value of USD 1 billion to support their petroleum production and natural development projects for example "the purchase of overseas mines and shares of mining corporations".

In this context, a Korea Eximbank official stated: "We have continued to actively support the efforts of KNOC in developing overseas resources. For example, we have assisted in the acquisition of the Peruvian oil corporation, Petro-Tech, and supported oil field exploration and development in Columbia. We hope this latest support agreement will enhance strategic cooperation with NOC (ed. KNOC) and promote overseas natural resource development."

The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

120 Crude petroleum & natural gas
2709 Petroleum oils and oils obtained from bituminous minerals, crude.
270900 Petroleum oils and oils obtained from bituminous minerals, crude.

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