.Seoul, Baghdad sign $3.55B deal to rebuild Iraq
SEOUL, South Korea (AP) - South Korea has signed a $3.55 billion deal with Iraq to help rebuild the war-ravaged country in return for oil and gas.
South Korea's presidential office said Tuesday that Seoul would provide technology to build social infrastructure in return for a stable supply of energy and the right to develop oil reserves in Iraq's southern Basra region.
The office said that the deal - inked by South Korean President Lee Myung-bak and his Iraqi counterpart Jalal Talabani - is expected be finalized later this year.
Iraq has an estimated 115 billion barrels of oil and some 112 trillion cubic feet of natural gas reserves.
Resource-poor South Korea imports virtually all of its oil, with more than 80 percent from the Middle East.
MyWay
South Korea's presidential office said Tuesday that Seoul would provide technology to build social infrastructure in return for a stable supply of energy and the right to develop oil reserves in Iraq's southern Basra region.
The office said that the deal - inked by South Korean President Lee Myung-bak and his Iraqi counterpart Jalal Talabani - is expected be finalized later this year.
Iraq has an estimated 115 billion barrels of oil and some 112 trillion cubic feet of natural gas reserves.
Resource-poor South Korea imports virtually all of its oil, with more than 80 percent from the Middle East.
MyWay
posted by madtom at 6:32 PM
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