A Mongolian oil company has withdrawn from a North Korean joint venture due to its DPRK partner's inclusion in U.S. Treasury sanctions against the country, according to a press release dated January 18.
HBOil had been partnered with the Korea Oil Exploration Corporation ("KOEC") since 2013, but the company has now decided to end the relationship, following KOEC’s inclusion in Office of Foreign Assets Control (OFAC) designations late last year, a press release said.
A Mongolian oil company has withdrawn from a North Korean joint venture due to its DPRK partner's inclusion in U.S. Treasury sanctions against the country, according to a press release dated January 18.
HBOil had been partnered with the Korea Oil Exploration Corporation ("KOEC") since 2013, but the company has now decided to end the relationship, following KOEC’s inclusion in Office of Foreign Assets Control (OFAC) designations late last year, a press release said.
Try unlimited access
Only $1 for four weeks
-
Unlimited access to all of NK News: reporting, investigations,
analysis
-
Year-one discount if you continue past $1 trial period
-
The NK News Daily Update, an email newsletter to keep you in
the loop
-
Searchable archive of all content, photo galleries, special columns
-
Contact NK News reporters with tips or requests for reporting
Get unlimited access to all NK News content, including original reporting,
investigations, and analyses by our team of DPRK experts.
Subscribe
now
All major cards accepted. No commitments – you can cancel any time.