According to Bloomberg, on September 3, South Korea announced a major restructuring of its state-owned energy and transportation companies in order to reduce costs and enhance competitiveness.
According to a statement from the South Korean government, the National Petroleum Corporation of Korea (KNOC) and Korea Gas Corporation (KOGAS) will merge. Five subsidiaries of Korea Electric Power Corporation (KEPCO) will be integrated. The Korea Coal Corporation will be liquidated, and four regional port management agencies will also be merged.
The South Korean government stated that this reorganization aims to integrate agencies with overlapping functions and their subsidiary companies, optimize infrastructure management, and reallocate technology and personnel.
