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: 06 Oct 2010 | Removal date: open ended
Still in force

Financial assistance in foreign market

The Korean Eximbank announced financing the Korea National Oil Corporation with a total value of USD 750 million. The funding provided will support the Korean company's takeover of the British oil and gas explorer, Dana Petroleum Plc. with the purchase of "controlling stakes and accounts for approximately 25% of the total estimate for the takeover, which is expected to reach USD 2.95 billion". 

In this context, the Bank stated: "With strong support from Korea Eximbank, KNOC was able to take drastic measures and attempt the hostile takeover once negotiations with Dana Petroleum Plc. fell through."

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

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TABLE
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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.
334 Petroleum gases & other gaseous hydrocarbons, except natural gas
2711 Petroleum gases and other gaseous hydrocarbons.
271112 Propane
271113 Butanes
271114 Ethylene, propylene, butylene and butadiene
271129 Other

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