Korea sends economic delegation to Africa

Korea's commerce ministry said Sunday it will send an economic delegation this week to Mozambique, Ghana and South Africa to seek ways to boost mutual economic cooperation.

During the five-day trip from Monday, the delegation of government officials and representatives from the business community will meet their counterparts from the three African nations to discuss energy development, investment and other business projects, the ministry said in a statement.

The companies participating in the delegation include the Korea Electric Power Corp., the Korea Gas Corp., POSCO, LG Electronics and Daewoo Engineering & Construction Co.

Last week, the state-run Korea Gas Corp. said it found an additional reserve of natural gas in waters off Mozambique only a week after it discovered 15 trillion cubic feet, or some 340 million tons, of natural gas in the Area 4 offshore well of Mozambique.

The newly discovered bed of natural gas is estimated to hold about 170 million tons of gas.

KOGAS has a 10 percent stake in the Area 4 well, which is operated by Italy's Eni S.p.A. with a 70 percent stake. (Yonhap)