South Korea to Develop Oilfields in UAE

South Korea has signed a deal with Abu Dhabi to develop oilfields in the United Arab Emirates.

According to the deal with Abu Dhabi National Oil Company, Korean National Oil Corp will have stakes in reserves of about one billion barrels of oil, according to BBC News.

The deal, which is expected to be finalised in 2012, will raise the amount of South Korean-owned oil imports from 10% to 15%.

The two countries also agreed to store six million barrels of Abu Dhabi crude oil in Korean storage facilities at no cost.