Oman Oil Company SAOC Acquires 30% Share in LG Energy

Source: www.gulfoilandgas.com 11/7/2004, Location: Middle East

Muscat, Oman, November 7, 2004 - Oman Oil Company SAOC (OOC) signed today morning the acquisition of 30% equity interest in LG Energy. LG Energy was incorporated as a subsidiary of LG group under the laws of the Republic of Korea on October 9, 1996 to own and operate a power plant and its facilities in the Pyongtaek region of the Republic of South Korea.

The agreement was signed by H.E. Dr. Mohammed bin Hamed Al Rumhy, the Minister of Oil and Gas, Vice Chairman of OOC on behalf of Oman Oil Company and Mr. David H. Kang, Executive Vice President of LG International Corporation.

H.E. Dr. Al Rumhy stated that by signing this agreement, OOC embarked in its first direct investment in the power business.

H.E. Dr Al Rumhy also commented that this acquisition comes in line with Oman Oil Company investment guidelines and ambition. It is also an enhancement to our existing relationship with LG group which owns 20% equity of Oman Polypropylene Company.

Mr. David Kang, Executive Vice President of LGI stated that it is significant that OOC invests for the first time in Korea based on long-term investment strategy. Above all it is old-established trust and partnership between OOC and LG that has led OOC to consider investing in LG Energy Co. Ltd.



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