Democratic Underground - S. Korea inks oil, development deal with Iraq's Green Zone government

S. Korea inks oil, development deal with Iraq's Green Zone government [View All]

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Sat Apr-14-07 07:40 PM
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S. Korea inks oil, development deal with Iraq's Green Zone government

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http://www.earthtimes.org/articles/show/51111.html

SEOUL, April 12 Iraq and South Korea have signed an agreement that will lead to Seoul's investment in Iraq in exchange for preferential treatment in its oil sector.

Yonhap News reports that Kim Young-ju, South Korean minister of commerce, industry and energy, signed a memorandum of understanding with Iraqi Oil Minster Hussain al-Shahristani and Industry Minister Fawzi Hariri during a visit to Seoul Wednesday.

Details were not disclosed.

South Korea will likely have heavy involvement in Iraq reconstruction, not only in the oil sector but petrochemicals and economic recovery in general.

In exchange, Seoul wants Baghdad to back South Korean companies bidding for development of oilfields.

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S. Korea inks oil, development deal with Iraq's Green Zone government [View All]