Prime Minister Barzani signs historic oil agreements with South Korea
Kurdistan Regional Government Prime Minister Nechirvan Barzani signed a series of ground-breaking agreements with the Korean National Oil Company (KNOC) late September.
These finalize a set of earlier preliminary agreements under which KNOC will be granted rights to explore and drill on several sites in the Kurdistan Region in exchange for valuable support on a range of infrastructure projects.
Prime Minister Barzani said, ""This is an exceptional agreement which serves the needs of the people of the Kurdistan Region in the areas of power, sewage and water treatment and other infrastructure elements. We are finding ways to put our valuable natural resources directly to work for the good of the people, and this is the strongest obligation of our government.""
Under the agreements initial stage, KNOC will support power plant construction and sewage and water treatment facilities worth 600 million US dollars. In later stages, once certain conditions are met, the value of the projects will increase by another 1.5 billion dollars.
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