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SK Group to invest $7.86 bln for energy development

Thu Aug 28, 2008 12:14am EDT

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SEOUL, Aug 28 (Reuters) - South Korean conglomerate SK Group said on Thursday it will invest 8.5 trillion won ($7.86 billion) until 2015 to double its crude oil reserves.

SK Group, which has energy-related firms including the country's top refiner SK Energy (096770.KS) under its wing, aims to secure 1 billion barrels of crude oil in the next seven years, up from the current 510 million barrels, it said in a statement.

SK Group has stakes in 31 oil fields across 16 countries including Brazil, Libya and Peru. The current reserves could meet about 250 days of South Korea's energy demand.

The investment will be divided between SK Energy, trading company SK Networks (001740.KS), and SK Gas (018670.KS), with 1 trillion won injected this year, up from 490 billion a year ago. (Reporting by Angela Moon; Editing by Keiron Henderson)



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