ID :
53760
Sat, 04/04/2009 - 08:31
Auther :
Shortlink :
https://www.oananews.org//node/53760
The shortlink copeid
S Korea to send economic cooperation mission to Iraq By Lee Joon-seung
SEOUL, April 3 (Yonhap) -- South Korea will send a economic cooperation mission to Iraq to explore follow-up efforts for the proposed infrastructure-for-oil agreement reached earlier in the year, the government said Friday.
The Ministry of Knowledge Economy said the working level team will meet Iraq
counterparts this month to outline what preparations have been made to support
the economic cooperation deal reached at the summit meeting in Seoul on Feb. 24.
Seoul and Baghdad agreed on a $3.55 billion pact that could help rebuild the
warn-torn country, while at the same time allowing local companies to secure
rights to operational oil fields. Iraq is the world's third largest producer of
crude oil.
Resource poor South Korea imports roughly 870 million tons of oil every year and
has been taking steps to buy stakes in overseas oil and gas fields to reduce its
energy dependence.
Policymakers said after the agreement was reached that it was a win-win
arrangement since Iraq would benefit from South Korean expertise in social
infrastructure construction, machinery and transportation equipment. Baghdad has
also shown interest in expanding military cooperation.
"A inter-governmental taskforce has been set up as of late February chaired by
the vice knowledge economy minister with officials from the defense,
land-transport taking part in discussions," said Hwang Soo-sung, head of the
ministry's oil and gas development division.
Others in the ministry said that despite concerns surrounding Iraq's decision to
not allow some South Korean companies to take part in the oil development work,
this should not be seen as a sign that the larger agreement has been affected.
SK Energy Co. and state-run Korea National Oil Corp failed to pass the screening
process that would allow them to bid for oil fields under development in souther
Iraq. Both companies had been "blacklisted" because they are engaged in resources
development work in Iraqi Kurdistan without getting permission from Baghdad.
"It was Iraq that asked South Korea to help with their infrastructure building
work, so there should be no serious setbacks," the official said.
He said once progress at the working level is made, a minister-level team could
visit the country to help implement the deal.
yonngong@yna.co.kr
(END)
The Ministry of Knowledge Economy said the working level team will meet Iraq
counterparts this month to outline what preparations have been made to support
the economic cooperation deal reached at the summit meeting in Seoul on Feb. 24.
Seoul and Baghdad agreed on a $3.55 billion pact that could help rebuild the
warn-torn country, while at the same time allowing local companies to secure
rights to operational oil fields. Iraq is the world's third largest producer of
crude oil.
Resource poor South Korea imports roughly 870 million tons of oil every year and
has been taking steps to buy stakes in overseas oil and gas fields to reduce its
energy dependence.
Policymakers said after the agreement was reached that it was a win-win
arrangement since Iraq would benefit from South Korean expertise in social
infrastructure construction, machinery and transportation equipment. Baghdad has
also shown interest in expanding military cooperation.
"A inter-governmental taskforce has been set up as of late February chaired by
the vice knowledge economy minister with officials from the defense,
land-transport taking part in discussions," said Hwang Soo-sung, head of the
ministry's oil and gas development division.
Others in the ministry said that despite concerns surrounding Iraq's decision to
not allow some South Korean companies to take part in the oil development work,
this should not be seen as a sign that the larger agreement has been affected.
SK Energy Co. and state-run Korea National Oil Corp failed to pass the screening
process that would allow them to bid for oil fields under development in souther
Iraq. Both companies had been "blacklisted" because they are engaged in resources
development work in Iraqi Kurdistan without getting permission from Baghdad.
"It was Iraq that asked South Korea to help with their infrastructure building
work, so there should be no serious setbacks," the official said.
He said once progress at the working level is made, a minister-level team could
visit the country to help implement the deal.
yonngong@yna.co.kr
(END)
