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South Korea will ship 6,200 tons of heavy fuel oil to North Korea next week, as part of a promised 50,000 tons to be sent if the North disables its nuclear program under a February aid-for-denuclearization agreement. Although North Korea has yet to shut down its nuclear facilities, the U.S. told South Korea it does not oppose shipping part of the fuel aid to the North even before then. Vice Unification Minister Shin Un-sang told reporters a ship carrying the first batch of oil will leave Ulsan for the North Korean port of Sunbong before July 14.
The government will buy the 50,000 tons of oil from SK Energy. Including shipping, the total cost will be W26 billion (US$1=W938). That is W6.7 billion more than the shipment would have cost in February, since the costs include W4.5 billion for a rise in oil prices and oil processing fees and W2.2 billion that were wasted on a hasty purchase of oil in expectation that Pyongyang would shut down its nuclear facilities by the initial April deadline.
Turning to inter-Korean talks on the exchange of light industry raw materials from South Korea for natural resources from the North, Shin predicted the two sides will easily reach agreement on the price of the raw materials. He said the exchange should not be delayed any longer. Once the price issue is settled, the South will send the raw materials for the manufacture of shoes and textiles, and a working-level delegation will examine North Korean mines.
(englishnews@chosun.com )
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