GS Group to boost overseas operations

GS Group said it will raise its capital spending for 2007 by 15% to 2.3 trillion won (US$2.45 billion), in an effort to boost its sales and expand overseas operations. The Seoul-based company said it plans to boost capacity in major business areas by investing 1.6 trillion won (US$1.70 billion) in the energy sector, 400 billion won (US$ 426.21 million) in its retail business, and 300 billion won in construction. The energy division will push for developing oil fields in overseas projects, on top of focusing on new and renewable energy and its LNG business. (January 25, 2007)