Iraq to Store Strategic Oil in South Korea

Iraq is one of the top crude suppliers to South Korea. The two countries will sign an agreement for comprehensive cooperation in energy matters, including oil, gas and electricity.

Iraq and South Korea will sign an initial agreement for comprehensive cooperation in energy matters covering oil, gas and electricity, which will include a shipment of strategic oil reserves to the Asian country.

Currently Iraq is one of the top crude suppliers to South Korea and plans to store about 4 million barrels of oil in South Korea for commercial purposes, to which the Asian country will have preferred rights to use in case of emergency, according to Iraq Oil Minister Abdul Kareem Luaibi.

Iraq also has plans to set up an office in Seoul for oil exports, Mr. Luaibi added.

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