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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