March 16, 2012Iraq agrees to supply South Korea with oil on the back of the ban on Iran
Baghdad - South Korea announced Friday that Iraq had agreed to supply oil in the event of difficulties encountered because of U.S. imposed the embargo on the import of Iranian oil, urging the two countries to enhance cooperation in this area.
The Economy Ministry said South Korea in a statement, "The Iraqi Deputy Prime Minister for Energy, Hussain al-Shahristani has agreed to supply oil in the event of Seoul to face difficulties in the import prohibition against the backdrop of the U.S. embargo on the import of Iranian oil."
The ministry added that "this came at the request of the Second Deputy Minister of the Korean economy Joe Suk, who is visiting Iraq currently heads the economic delegation between the two countries," claims to "promote cooperation between Seoul and Baghdad in the oil center of the potential problems in supply and demand due to the sharp increase in prices and the implications of the sanctions imposed on Iran. "
A delegation headed by Deputy Minister of Trade and Energy in South Korea, Jo Seok included a number of heads of Korean companies are major, met in Baghdad on Thursday (15 March 2012), Deputy Prime Minister for Energy, Hussain al-Shahristani, as it called for the last Korean companies to build strategic industries in Iraq. in Korea expressed its willingness to work in the country in various fields.
It is noteworthy that the Iraqi Foreign Minister Hoshyar Zebari has already occurred, in (February 17, 2012), with the Minister of Foreign Affairs of the Republic of Korea Kim Swank Hwan memorandum of understanding for cooperation diplomatic and political between the two countries, as well as emphasis on expanding the participation of Korean companies in the fields of energy and investment in major projects , such as construction of residential complexes and the establishment of plant iron and steel in Basra.
Relations between Iraq and South Korea in recent times, sophisticated and clear, especially in the economic and investment fields in addition to the political sphere, in the keenness of the two countries on the development of these relations to serve common interests.
It is noteworthy that Iraq currently produces about 2.0009 million barrels of crude oil per day, of which not less than 1.0009 million barrels extracted from fields located in the province of Basra, while the exports of Iraqi crude oil, currently about 2.0002 million barrels a day, and most of those quantities issued by carriers freely through the ports of Basra (pristine deep) and al-Amaya floating, and are located in Iraqi territorial waters, and with a capacity to export 1.7 million barrels a day, and is pumped to two oil through the pipeline extends under the water and related warehouses storing coastal located near the center of Faw, about ( 100 km south of Basra), while export quantities produced from the northern fields to the port of Ceyhan on the Mediterranean Sea through a pipeline carrier, and the remaining quantities are exported to Jordan using the pelvic carriers.
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