GS Holdings plans to buy stake in Indonesian oil development

GS Holdings Corp., the parent company of South Korea's LG-Caltex Oil Corp., said on Monday it decided to invest in an oil development project in Indonesia.

GS Holdings' board approved a plan to buy a stake in an international group that is developing oil fields in Indonesia, the company said in a filling to the Korea Stock Exchange. It didn't elaborate.

"We cannot say anything about the group and the project because of a confidentiality agreement. We expect to announce a deal by the end of this year," said Kim Sang-hyun, an official from the company's investor relations team.

GS Holdings is a partner with ChevronTexaco in unlisted LG-Caltex Oil, the country's second-largest oil refiner. The company also controls online shopping channel operator LG Home Shopping Inc. and retailer LG Mart Co. (*)