South Korea, UAE sign major oil deal
South Korea, the fifth largest importer of crude oil in the world, said on Monday it is now having an access to oil reserves which are not less of one billion barrels following "an unprecedented" deal with the Abu Dhabi National Oil Company "ADNOC."
Seoul's plan is to finalize the details of the agreement next year. The Korean government expects to sign the final contract within a year to begin oil production from 2013 at the earliest. It is expected to reach 35 thousand barrels per day in the near future.
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