CORRECTED - CORRECTED-KEPCO to buy $1.2 bln dollars onshore this week

(Corrects third paragraph to say value of bond issue $700 million, not $700 billion)

SEOUL, Nov 16 (Reuters) - State-run Korea Electric Power Corp (KEPCO) (015760.KS) will buy U.S. dollars totalling about $1.2 billion onshore this week, a company official said on Monday.

"We will buy $1.2 billion in U.S. dollars from local forex market throughout this week," a company official, who declined to be identified because of the sensitivity of the issue, told Reuters.

He also confirmed an earlier report that the South Korean power monopoly had dropped a plan for a $700 million global bond issuance. (Reporting by Cho Meeyoung and Seo Eun-kyung; Editing by Chris Lewis)