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In the Lee Myung-bak administration, I officially apologized for recognizing that three resource-based SOEs that had pursued resource development projects overseas had malfunctioned.
These public companies overestimated reserves and returns in order to inflate the results of past resource development, and confessed that they suffered huge losses by investing huge amounts of money without proper verification. , as a sufficient economic evaluation.
Three local resource companies, including the Ministry of Commerce, Industry and Energy, Korea Gas Corporation and Korea Mineral Resources Corporation, announced their survey results on the projects Development Resources Overseas Sejong Government 26.
The development of overseas resources has already been reviewed by the government and inspected by the Board of Audit and Inspection, but after the launch of the new government, the company has overestimated its value of 39 and has calculated its internal rate of return in a favorable direction, distorting the profitability of the Harvest acquisition.
KNOC invests $ 4.08 billion in Harvest and recovers $ 4 million and reports a loss of $ 2.46 billion.
The Canadian oil sands oil sands increased construction costs from 311 million Canadians to 733 million Canadians by moving construction contracts from total settlement to actual cost.
The development of the Iraqi Kurdish oil field was originally planned by the oil company to develop oil fields and other projects of social capital (SOC) would be pursued by other entities, but when the company was in the process business was in crisis for lack of funding, A $ 750 million investment was added.
KNOC said: "It is estimated that there was an external pressure from the Ministry of Industry and Commerce (Ministry of the Economy of Knowledge) or from the Blue House, which feared that the government's plan for the diplomacy of resources would be unsuccessful.
KNOC asked Kang Young-won to compensate the president for the damages, and decided to take measures such as criminal prosecution, discipline and the commission of investigation against the head of the Insolvent company.
KOGAS said that he was suspected of changing the rate of profit of the Canadian Westcut Bank project before and after the board and paying the investment costs before the period of the board's report and of inflate the rate of profit.
The project recorded an impairment loss of $ 190.9 million on a total investment of $ 272 million.
The Kasas Iraqi gas field was shut down due to the IS (Islamic country) crisis in 2014, and 379 million USD on an investment of 384 million USD was treated as a loss of value. And that made the review mediocre.
The Gladstone Liquefied Natural Gas Project (GLNG) in Australia also highlighted problems such as poor economic performance and excess yield.
KOGAS said: "We have confirmed that the badessment of economic feasibility is inadequate, reported differently to the Board of Directors or that the management of the company was poorly done, but it is difficult to determine if there are unreasonable instructions. There is a limit to the identification of such things. "
Mineral Resources Corporation accepted the result of the inspection of foreign professional companies that cited most of the operator data in the process of acquiring the exploitation rights of the Mexico Bolero copper light without verification.
Since August 2012, when private companies participating in the consortium notified the absence of any additional participation, they took over the exploitation rights alone without explicit consent for cost-sharing. 39; investment.
Capstone invests $ 84 million in an investment of $ 181 million, Santo Domingo is 2 Of the $ 244 million, $ 168 million has been damaged. Madagascar Ambatovy Nickel has provided additional guarantees for loans that are not obliged to repay directly, and in the process of providing collateral for loan contracts to the operator, The mining company, which holds a 22 , 5%, damaged $ 531 million on investment costs of $ 184 million.
Three officials from public companies attended the announcement and apologized for the commercial failure.
The KNOC said: "It's hard to express with words, and we think deeply about the fact that we're sorry." KOGAS said: "We think deeply about the fact that we have recorded mbadive losses.
Mineral Resources Corporation said: "I apologize for the inconvenience caused by the unreasonable operation of the project and the trial and error of the company abroad.
(Sejong = Yonhap News) Kim Dong-hyun
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