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Few details emerge about strange South Korea-Iraq oil deal

Plus: *Ghadban: Iraq oil workers will bring back production *Electricity Minister: France welcome to build nuclear plant *Iraq Oil Ministry gets 38 applications for second round of oil and gas field bids *Get your second round company list only at Iraq Oil Report *Pipeline to Syria makes news, no construction yet *Int’l Unions take Iraq […]
Ben LandoBen Lando of Iraq Oil Report
Tuesday, February 24th, 2009

South Korea will provide Iraq with $3.55 billion worth of infrastructure in return for oil field stakes, the Energy Ministry said, Angela Moon reports for Reuters. South Korea would be given rights to the fields in southern Basra, which covers the majority of Iraq's crude output. In exchange, Seoul would build infrastructure such as power plants and generators, the ministry said in a statement.

Heejin Koo and Shinhye Kang for Bloomberg and the JoongAng Dailyprovide a few more details.

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