Iraq and South Korea will sign an initial agreement for comprehensive cooperation in energy matters covering oil, gas and electricity, which will include a shipment of strategic oil reserves to the Asian country.
Iraq
and
South
Korea
will sign an initial
agreement for comprehensive cooperation in energy matters covering oil, gas and
electricity, which will include a shipment of strategic oil reserves to the
Asian country.
Iraq plans to store about 4 million barrels of oil in South Korea for
commercial purposes, to which the Asian country will have preferred rights to
use in case of emergency, Iraq Oil Minister Abdul Kareem Luaibi told a group of
reporters Wednesday on the sidelines of a meeting of energy ministers in Seoul.
Iraq
also
has plans to set up an office in
Seoul
for
oil exports, Mr. Luaibi added.
Energy security has long been a hot topic for
South
Korea
, which relies almost fully on
imports for its energy needs. State-run Korea National Oil Corp. has the
capacity to store up to 146 million barrels of oil, of which 90% was filled as
of end-2012, at 132 million barrels.
Iraq
is
one of the top crude suppliers to
South
Korea
.
Under International Energy Agency rules, member countries should have a strategic
reserve filled with enough oil for 90 days of normal consumption.
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