Two or three of the firms will link to buy 27.3 per cent of Korea Gas, as a single foreign investor is barred from owning more than 15 per cent of the company. The winners gain a foothold in a rebounding market; energy use in Korea rose 11.4 per cent between January and March.
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BG, the distribution business of the former British Gas, was yesterday named among the final bidders in the privatisation of Korea Gas. BG, along with Osaka Gas of Japan and the US group Enron, are the final bidders for a $760m stake in South Korea's monopoly gas importer, which imports 16 million tons of natural gas a year.