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.
Abu Dhabi has the world's sixth biggest reserves in the Middle East (which controls 57% of world reserves). Relations between the UAE and South Korea have been close. The two sides signed at the end of 2009 a nuclear agreement and the UAE is considered Seoul's strategic partner in the region. Korean firms will be responsible for building four nuclear power plants worth $ 20.4 billion.