HBOil withdraws from North Korean joint venture due to sanctions | NK News
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November 13, 2024
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HBOil withdraws from North Korean joint venture due to sanctions

Targeted U.S. treasury sanctions spell end for Mongolia-DPRK Oil and Gas joint venture

A Mongolian oil company has withdrawn from a North Korean joint venture due to its DPRK partner's inclusion in U.S. Treasury sanctions against the country, according to a press release dated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.

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