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21:th March
15:00
Mazher Xaleqi
xaleqi.com
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Kurdistan - South Korean Oil Pact
Kurdistan Network - September 25, 2008
SEOUL, South Korea: South Korea's state oil company said Thursday it signed an agreement with Iraq's Kurdish regional government to drill for oil in exchange for social infrastructure investment.
The Korea National Oil Corp. and Prime Minister Nechervan Barzani of Iraq's self-ruled Kurdish region signed the deal in Seoul, KNOC said in a release.
Under the terms, KNOC gets the right to drill for oil in eight locations, or blocks, in the Kurdish region. In return, KNOC will pursue power plant and sewage facility projects worth an initial US$600 million.
KNOC will carry out another US$1.5 billion in projects provided it becomes possible to export oil from Iraqi Kurdistan, the release said. Thursday's deal follows preliminary agreements reached earlier this year.
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