(MENAFN) South Korea plans to downsize state-run energy and resource development firms and open the power supply market to the private division.
This crucial move comes as part of the nation's industry-wide corporate restructuring efforts to increase adaptability to a global low oil price trend.
According to the plan, the Korea National Oil Corp. (KNOC) and other top energy firms will sell their loss-making overseas assets and cut workforce by up to 30pct.
Moreover, the companies will also reorganize their business portfolios by 2020 in order to streamline the management structure and improve their balance sheets.
Furthermore, there are 27 state-run energy-related corporations in South Korea, with their combined assets reaching USD207.9bn and debts totaling USD145bn.
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