PRESS DIGEST - South Korean newspapers - Mar 10

SEOUL, Mar 10 (Reuters) - The following is a summary of major South Korean newspapers on Monday, prepared by Reuters in Seoul. Reuters has not checked the stories and does not guarantee their accuracy.

CHOSUN ILBO

Libya asked a South Korean oil consortium, including Korean National Oil Corporation (KNOC) and SK Energy (096770.KS: Quote, Profile, Research, Stock Buzz), to cut its share in a Libyan oil field to seven percent from 11.67 percent, according to the Ministry of Strategy and Finance. More than 138,000 barrels of oil are produced daily at the site located in Libya's Sahara desert.

DONG-A ILBO

Damage costs at the Taean area, hit by the nation's worst oil spill, were projected to be 424 billion won ($442.9 million), according to the International Oil Pollution Compensation Funds.

Samsung Heavy Industries (010140.KS: Quote, Profile, Research, Stock Buzz), which owns a crane involved in the accident, and the South Korean government will pay costs exceeding the fund's 300 billion won ($313.4 million) limit.

MAEIL BUSINESS NEWSPAPER

LG Electronics (066570.KS: Quote, Profile, Research, Stock Buzz) agreed with its labour union to freeze wages, despite its 1.2 trillion won ($1.25 billion) operating profit last year, according to the company.

Korea Export Insurance Corporation will recover 2.07 million euros ($3.18 million) in bonds from Cuba's central bank after the country declined to pay Hankook Tire Co Ltd (000240.KS: Quote, Profile, Research, Stock Buzz) for its exports in 2001, according to the corporation's head.