Malaysia sells North Korean oil venture to Mongolia

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NK gas station
Gas station in North Korea

Malaysia-based Ninox Hydrocarbon Berhad, 20 per cent shareholder of a 2012 joint venture with Korea Oil Exploration Corporation (KOEC), the national oil company of North Korea, has been sold to HBOil, a company from Mongolia, the latter announced in a filing to the Ulanbataar stock exchange on September 3.

Ninox Hydrocarbon received $5 million for 20 per cent of KOEC International, a company that has the complete exploration, development and production rights for hydrocarbon resources in all of onshore North Korea, the operation rights of the Sungri Oil refinery at the east coast of the country, the sole right to import crude oil into North Korea and process and refine the imported oil and the right to import and export refined petroleum products.

HBOil, an oil trading and refining company based in Ulaanbaatar founded in 2002, said it will raise an additional $10 million to acquire up to 51 per cent of Korex Ltd, which holds the exclusive rights for the exploration and production of hydrocarbons in all of the eastern seaboard of the country.

Ninox Hydrocarbon and Korex Ltd are both subsidiaries of Singapore-based Ninox Energy Ltd, a private company focused on identifying and offering “unique investment propositions” in oil and gas across Asia. The company is part of the Triton Petroleum Group based in Sydney, Australia, headed by businessman Joseph Naemi who previously was managing director of Canada-based Chase Energy, a small oil company based in Amsterdam, Netherlands.

 

 

 

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Reading Time: 1 minute

Gas station in North Korea

Malaysia-based Ninox Hydrocarbon Berhad, 20 per cent shareholder of a 2012 joint venture with Korea Oil Exploration Corporation (KOEC), the national oil company of North Korea, has been sold to HBOil, a company from Mongolia, the latter announced in a filing to the Ulanbataar stock exchange on September 3.

Reading Time: 1 minute

NK gas station
Gas station in North Korea

Malaysia-based Ninox Hydrocarbon Berhad, 20 per cent shareholder of a 2012 joint venture with Korea Oil Exploration Corporation (KOEC), the national oil company of North Korea, has been sold to HBOil, a company from Mongolia, the latter announced in a filing to the Ulanbataar stock exchange on September 3.

Ninox Hydrocarbon received $5 million for 20 per cent of KOEC International, a company that has the complete exploration, development and production rights for hydrocarbon resources in all of onshore North Korea, the operation rights of the Sungri Oil refinery at the east coast of the country, the sole right to import crude oil into North Korea and process and refine the imported oil and the right to import and export refined petroleum products.

HBOil, an oil trading and refining company based in Ulaanbaatar founded in 2002, said it will raise an additional $10 million to acquire up to 51 per cent of Korex Ltd, which holds the exclusive rights for the exploration and production of hydrocarbons in all of the eastern seaboard of the country.

Ninox Hydrocarbon and Korex Ltd are both subsidiaries of Singapore-based Ninox Energy Ltd, a private company focused on identifying and offering “unique investment propositions” in oil and gas across Asia. The company is part of the Triton Petroleum Group based in Sydney, Australia, headed by businessman Joseph Naemi who previously was managing director of Canada-based Chase Energy, a small oil company based in Amsterdam, Netherlands.

 

 

 

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