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Tuesday, 20 March 2012

UAE moves closer to energy-hungry Asia - Zawya

UAE-South Korea trade is expected to rise 21% this year, as hydrocarbons-rich Gulf states move closer to energy-hungry Asian markets
"We now have our own fields in the Middle East," exulted Lee Myung-bak, South Korea's president, as he announced his country's recent USD2-billion oil deal with the United Arab Emirates.

The energy-insecure country had good reason for feeling triumphant: Korea National Corporation's 40% stake in three oil production blocks in Abu Dhabi contains an estimated reserves of more than 500-million barrels.