City Oil Field said Thursday it has secured foreign corporate investment from PEDCO of Saudi Arabia and the United Arab Emirates, marking its official launch as a global eco-friendly energy enterprise. The ceremony was attended by City Oil Field CEO Jeong Yeong-hun, PEDCO Saudi Arabia CEO Abdulmohsen Al-Zamil, PEDCO UAE CEO Edoardo Lucarelli and ENO Partner CEO Park Se-hyun. City Oil Field said PEDCO has valued the company at about 100 billion won ($72.2 million). The company holds exclusive rights to commercialize City Oil Field’s technology in Saudi Arabia, the UAE, Australia and New Zealand. City Oil Field also becomes eligible for financing opportunities through international institutions, as well as cash grants, land-lease benefits in industrial complexes and government-backed research and development support.