South Korea said on Sunday that Korea National Oil Corp (KNOC) had signed an "unprecedented" oil deal with Abu Dhabi National Oil Company (ADNOC) for stakeholding in recoverable reserves of at least 1 billion barrels of oil.
This memorandum of understanding (MOU) is worth 110 trillion won (US$97.68 billion) based upon current oil prices, the South Korean presidential office said in a statement.
The full details of the deal are still to be worked out and it will be concluded next year, the government said.
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