15 Jan 2007

South Korean energy firm vying for Marshalls Energy company

5:22 pm on 15 January 2007

A South Korean energy firm is wanting to buy a controlling interest in the Marshall Islands struggling power utility, as part of a plan to become a major fuel distributor in the region.

S.K. Networks will be in Majuro for two days from January 16 in a bid to acquire the Marshalls Energy Company.

The South Korean company is likely to propose a 51% ownership share, favorable tax considerations and higher electricity rates in the Marshall Islands.

Yokwe online reports if successful, SK Networks would use the Marshalls Energy Company's 22.7 million litre fuel storage depot as a transshipment point for fuel sales in the region.