Opportunity in North Korea

While the UN put together a resolution to deal with the nuclear missile test in North Korea, one British company was holding its breath for a positive outcome. Aminex is a British company that is currently doing business with Kim Jong-il's regime. In todays Observer, the chief excutive claimed that North Korea:

'is an area of great potential for us.'

Their website says the following about their involvement in North Korea:

In 2004, Aminex signed an exclusive 20-year Petroleum Agreement for co-operation with the Government of North Korea or “DPRK” (Democratic People’s Republic of Korea) in all the country’s onshore and offshore potentially hydrocarbon-bearing basins.

Under the terms of this agreement Aminex has first right to select areas for exploration and royalty and carried working interest on licences awarded to other foreign companies. In return, Aminex provides wide-ranging technical and commercial services to the DPRK.

In January 2005 Aminex signed a further agreement in the DPRK to acquire 10% of Kobril Ltd in exchange for the issue of new Aminex shares, a resources arm of the DPRK government.

In August 2005, Aminex signed a Production Sharing Agreement with the authorities of DPRK covering approximately 66,000 sq km.

Aminex is currently reprocessing existing data and preparing to acquire new 2D and 3D seismic.

More evidence, if it was needed, that corporations are keen to make profits and support a dictatorial regime while the ordinary citizens continue to suffer.