South Korea and UAE agree to cooperate in energy exploration
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In a statement issued by e-mail, the Korea Ministry of Knowledge Economy stated that the state-owned Korea National Oil Corporation (KNOC) and the Abu Dhabi National Oil Company (Adnoc) will sign a preliminary agreement today.
South Korea and the United Arab Emirates The country’s control of South Korea’s electric power company will expand economic cooperation in December after it defeated US General Electric and Areva SA to win a US$20 billion contract to build a nuclear power plant from the United Arab Emirates.
According to the Korea Ministry of Knowledge Economy, South Korea and the United Arab Emirates will form a research team to study the possibility of exploring oil and gas in Abu Dhabi, which has the majority of oil reserves in the UAE. In addition, the two sides will also discuss a question concerning the use of oil storage facilities owned by the National Oil Corporation of South Korea by the Abu Dhabi National Oil Company.