The three oil fields in the United Arab Emirates (UAE) that South Korean companies are entitled to develop are estimated to hold more than 500 million barrels of oil, the commerce minister here said Friday.
Early last year, the UAE signed a memorandum of understanding with Seoul giving South Korean firms the rights to develop the fields in Abu Dhabi. Both sides recently agreed they will conclude the main contract next month.
"The size of those oil fields is really huge as they make up about 11 percent of the whole of Abu Dhabi," Commerce Minister Hong Suk-woo said in a meeting with reporters Thursday.
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