BUSAN < invest Korea

According to Yonhap News,

With the recent boom in the offshore oil and gas exploration in the Artic and around the Korean Peninsula, Busan-si (City) will conduct the feasibility test on the offshore supply base (OSB) to be built in the Busan Port.

Oil and gas exploration is going on in 16 areas in Kamchatka alone and nine areas in Sakhalin. The exploration is also booming in the Gulf of Pohai, China’s Ningbo, Philippine and Myanmar.

Busan, in particular, is well-positioned to support these oil and gas exploration projects.

The OSB is responsible for maintaining, repairing and operating offshore plants as well as providing human resources and logistics services.

In addition, the city will invest 45 billion won to set up the International Ocean Polytec Center in MarineCom to cultivate professionals in the offshore plant sector.

"The establishment of OSB in Busan will strengthen the global competitiveness of Busan-si as well as create high added values for Northeast Asia’s offshore plants," a Busan-si Official said.

Source: Yonhap News (Feb. 13, 2013)

** This is the translation of a Korean article.