Abu Dhabi turns to Asian partners in oil push

Dubai

ABU Dhabi, with 6 per cent of global crude reserves, has selected GS Energy Corp of South Korea to join Japan's Inpex Corp as the second Asian partner in the Persian Gulf emirate's biggest onshore oil concession.

GS Energy secured a 3 per cent stake for 40 years in the venture, it said in a statement. Another South Korean company, Korea National Oil Corp (KNOC), said that it will provide technical support to GS Energy in the project. State-owned Abu Dhabi National Oil Co confirmed the award on Wednesday. Inpex won a 5 per cent stake in the venture last month.