South Korea to Explore for Oil in UAE, Offers Storage
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South Korea and the United Arab Emirates agreed to cooperate on energy exploration and stockpiling of crude oil, deepening ties after the Asian nation won a $20 billion contract to build nuclear plants in Abu Dhabi.
State-run Korea National Oil Corp. and Abu Dhabi National Oil Co. signed a preliminary agreement today at the headquarters of Anyang, South Korea-based KNOC, South Korea’s Ministry of Knowledge Economy said today. They will form a team to study the possibility of exploring for oil and gas in Abu Dhabi and will discuss a plan for Abu Dhabi National to use storage facilities owned by KNOC, the ministry said in a statement.