|
Korea and Kazakhstan on Wednesday agreed to jointly explore the Zambil Mine in the northwestern Caspian Sea. The Korea National Oil Corporation signed an agreement with Kazakh state-run energy company KazMunaiGaz to buy 27 percent of the Kazakh corporation for US$85 million for the purpose.
This oil field has estimated reserves of 1 billion barrels. If exploration proves successful next year, Korea can import 270 million barrels of oil from Kazakhstan, about one-third of Korea's total annual oil consumption of about 800 million barrels.
The two countries had been in talks on the issue since September 2004 but haggling continued until recently. Korea suggested $75 million, but Kazakhstan $300-400 million to reflect soaring oil prices. But Prime Minister Han Seung-soo's latest visit to Kazakhstan seems to have pushed the two countries finally to reach agreement.
(englishnews@chosun.com )
|
