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South Korea Oil Delegation to Visit
Kurdistan Region-Iraq
22.1.2007
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SEOUL, January
22, -- A government and private sector delegation
from South Korea will travel to Kurdistan autonomous
region (Iraq) this week to seek the support of the
Kurdistan Regional Government for the participation
of South Korean companies in oil development
projects there, the government said Monday.
The delegation will consist of 14 government and
private sector officials, including from the
Ministry of Commerce, Industry and Energy, Korea
National Oil Corp. and SK Corp., the ministry said
in a statement.
The officials will visit the country from Tuesday
until Saturday, according to the statement.
The delegation led by Seoul's ambassador to Iraq,
Chang Ki-ho, plans to meet with the head of the
Kurdistan Regional Government and the minister of
natural resources.
The Kurdistan Regional Government rules over Iraqi
Kurdistan, a region in northern Iraq relatively
unscathed from the sectarian violence that has
plagued the rest of the country.
Iraq is expected to hold international auctions this
year offering 54 big oil blocks, the Korean commerce
ministry said.
Earlier this month, Iraq completed drafting a
hydrocarbons law that will allow foreign oil
companies to start investing in Iraq's oil sector.
The newly formed Iraqi National Oil Co. will oversee
development.
Iraq has the world's third-biggest proven oil
reserves after Saudi Arabia and Canada, but only
about 10 percent of the country has been explored,
according to the U.S. Energy Information
Administration.
Resource-poor South Korea, the world's 10th-largest
economy, imports virtually all of its oil.
yna co.kr | AP
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