S Korea, Iraq agree on $3.55 bln oil development project

SEOUL - South Korea has signed a memorandum of understanding (MOU) with Iraq to participate in a $3.55 billion oil field project in southern Iraq, local media reported on Tuesday, citing officials at Seoul’s presidential office.

By (Reuters)

Published: Tue 24 Feb 2009, 11:23 AM

Last updated: Thu 2 Apr 2015, 3:57 AM

Under the agreement, South Korea will provide social infrastructure worth $3.55 billion to Iraq, while Baghdad allows South Korea to participate in the Basra region oil field, the report by E-Daily said.

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