Volume 4, issue #3 - 18-02-1999

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Enron invests $ 243 mm in gas joint venture with SK

13-01-99 Enron has put up $ 243 mm as its stake in a joint venture with South Korea's SK to distribute natural gas and LPG in South Korea.
The total capitalisation of the venture will be just under $ 500 mm with Enron contributing $ 243 mm, Enron spokesman John Ambler said.
The money was handed over when the documents for the deal were signed, he said.
SK's interest in 6 local gas distribution companies will be pulled into the joint venture, Ambler said.
"This joint venture will be the largest gas distributor in Korea," he said.
SK has a 21 % share of the local natural gas market and a 50 % share of the LPG market.
"The Korean market has a good deal of potential and SK is a good partner on this joint venture," Ambler said.
"The Korean government strongly supports natural gas and as the economy recovers it provides one of the best avenues to participate in the East Asian market," he said.
The customers will be various residential and commercial users in Korea, he said.