National Pension Service, Seoul, may set up a private equity fund with the nation’s business groups — including Samsung Group and Hyundai Motor Group — to invest in overseas energy development.
SK Group, GS Group and KT Corp. may also join the plan, Kim Seok Joo, a spokesman for the pension fund, said in a telephone interview Monday. The timing and size of the fund have yet to be decided, he said.
“We may sign a preliminary agreement with major companies to invest in energy resources,” said Mr. Kim, whose pension fund manages 317 trillion won ($282 billion) in assets.
The South Korean government aims to boost supplies of oil and gas from overseas resources owned by the nation’s companies to 30% of its annual requirements by 2019 from 9% in 2009.
National Pension said in October it had bought a stake in Colonial Pipeline, operator of the largest pipeline linking U.S. Gulf Coast refiners and East Coast markets, to diversify its portfolio. In September, state-owned Korea National Oil Corp. also won control over Dana Petroleum in a $2.9 billion hostile takeover.