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Friday, March 25, 2011     GET REAL

South Korea to help tap UAE oil reserves

ABU DHABI — The United Arab Emirates has signed an energy cooperation accord with South Korea.


Officials said the two Asian states have signed a memorandum of understanding that could pave the way for South Korean exploration of energy reserves in the emirates.

They said South Korean companies would be given the opportunity to participate in the development of fields with reserves estimated at one billion barrels of oil.

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The UAE was also considering storing up to six million barrels of crude oil in South Korea's strategic petroleum reserve. They said a formal agreement would be signed in 2012.

"The storage arrangements will enhance the energy security of the Republic of Korea, while also giving Abu Dhabi National Oil Co. greater flexibility in supplying customers in the Korean and neighboring markets," an official UAE statement said.

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