South Korea, Kurdistan Sign Deal Linking Oil, Infrastructure Development
Seoul, Sept. 25 (Yonhap) - South Korea's state-run oil company on Thursday [ 25 September] signed a pact with the autonomous government of Kurdistan to link oil development with social infrastructure construction in the war-torn Middle Eastern region.
The definitive deal signed in downtown Seoul between the Korea National Oil Corp. (KNOC) and Prime Minister Nechirvan Barzani outlines development rights to eight oil fields in northern Iraq.
It also calls for South Korea to provide US$1.9 billion to finance social overhead capital (SOC) projects.
The two sides had signed a memorandum of understanding in late June, but were unable to seal it because the SOC-building consortium failed to come up with a viable financing plan...
Full story: http://www.redorbit.com/news/business/1567437/south_korea_kurdistan_sign_deal_linking_oil_infrastructure_development/
