Monday 26 March 2012

S. Korea, UAE agree to cooperate closely for nuclear power plant, oil development projects

http://english.yonhapnews.co.kr/news/2012/03/26/93/0200000000AEN20120326006100315F.HTML

SEOUL, March 26 (Yonhap) -- President Lee Myung-bak and Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan agreed Monday to work closely together in joint projects to build a nuclear power plant and develop oil fields in the United Arab Emirates, the presidential office said.

The summit was held on the sidelines of the Nuclear Security Summit that opened Monday.
The two sides expressed satisfaction that a US$40 billion project to build a nuclear power plant in the UAE is going smoothly, and hailed a recent contract awarded to South Korea to develop oil fields in the Middle Eastern nation, the office said in a statement.

The sides pledged to cooperate closely for the success of the projects, it said.

Earlier this month, a South Korean consortium led by the state-run Korea National Oil Corp. signed a contract with the Abu Dhabi National Oil Co. to develop three oil fields in the UAE, which are expected to yield up to 43,000 barrels of oil per day.

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