AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
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.
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