Aminex to develop North Korea's petroleum
Aminex has signed a 20-year agreement to develop North Korea’s petroleum industry.
The oil and gas company - listed in London and Dublin - will initially provide technical assistance to the closed state.
Aminex will receive a royalty on hydrocarbons produced from any new drilling in the country, be entitled to a carried interest in any wells drilled by incoming companies and have a prior right to explore in its own name anywhere in the country.
The agreement is part of North Korea’s drive to develop an indigenous energy industry.
Signing of the agreement took place on June 30 last in Pyongyang in the presence of the British Ambassador but was subject to certain closing conditions which have now been fulfilled.
Brian Hall, chief executive of Aminex, said: “At present relations between North Korea and the outside world are strained but the important relationship with South Korea appears to be improving and commercial co-operation is on the increase.”
