Monday, March 14, 2011

Korea Signs Major Oil Deal with UAE

President Lee Myung-bak shakes his hand with his UAE counterpart Khalifa bin Zayed Al Nahyan at Al Mushrif Palace in Abu Dhabi after signing a memorandum of understanding on oil development projects on Sunday.

Korea and the United Arab Emirates signed a memorandum of understanding on Sunday that guarantees Korean companies to join in oil development projects in Abu Dhabi with projected production of at least one billion barrels. Korea also secured sole rights to develop three unexplored oil fields in UAE.

In the presence of President Lee Myung-bak and his UAE counterpart Sheikh Khalifa bin Zayed Sultan Al Nahyan, the two sides on Sunday signed the MOU on oil and gas development and separate head of terms agreements on the exploration of the three oil fields between the Korea National Oil Corp. and the Abu Dhabi National Oil Company.
As part of Korea's energy security plan, the two sides agreed to store six million barrels of Abu Dhabi crude oil in a facility in Korea for emergency use, and allow Korea the priority right to buy up to 300,000 barrels a day in future production of crude oil.
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