AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
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.
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