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Korea confirms Iraq's agreement to provide it with oil. .
On: Saturday 03/17/2012 8:25
Seoul / Baghdad / follow-term
economy ministry said Korean that Iraq had agreed to supply South Korea with oil in the event face difficulties to import on the back of the U.S. embargo against the import of Iranian oil., the ministry said Iraqi Deputy Prime Minister for Energy, Hussain al-Shahristani has agreed to supply Seoul oil in the event of an emergency,
At the request of the Second Deputy Minister of the Korean economy Joe Suk, who is visiting Iraq currently heads the economic delegation between the two countries. Called Suk strengthen cooperation between Seoul and Baghdad in the oil center of the potential problems in supply and demand due to the sharp increase in prices and the implications of the sanctions imposed on Iran.
and has Iraq's fourth-largest oil reserves in the world, which is also the fourth largest exporter of oil to South Korea.
It is noteworthy that South Korean President Lee Myung-bak, a request from the Iraqi Foreign Minister Hoshyar Zebari, during a meeting with him in Seoul on 16 February, cooperation in the supply of his country's oil Crude and stable, and support the participation of Korean companies in projects to develop oil fields and gas. It is noteworthy that the proportion of oil imported from Iraq, amounting to 9.7% of the total needs of South Korea, after Saudi Arabia with 31.4% and Kuwait with 12.5%, Qatar 10%, while the ratio is from the UAE 9.4%.
The renewed demand for Korean after the tour that ended Myung-bak on the tenth of last month, during which he visited Turkey and the three Arab countries (Qatar, Saudi Arabia and UAE), after making sure pledges to supply Seoul crude oil in a stable and laying the ground for a series of economic transactions. expanded Seoul to secure such guarantees as it prepares to cut oil imports from Iran, which represent about 10%, in response to U.S. sanctions against Tehran over its controversial nuclear. In the meantime, Deputy Prime Minister for Energy, Hussein al-Shahristani, during his meeting with Deputy Minister of Trade and Energy South Korean and a delegation including a number of major Korean companies in the presence of the Korean ambassador to Baghdad, Korean companies to enter the field of building strategic industries in Iraq, noting that Iraq is seeking to be a major industrial center in the Middle East.
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