An Iraqi worker operates the valves at an oilfiled: near the southern city of Basra in Iraq
South Korea and Iraq sign oil project deal
South Korea has signed a memorandum of understanding with Iraq to participate in a $3.55 billion oilfield project in southern Iraq reported local media today, citing officials at Seoul's presidential office.
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 oilfield, Reuters reported the E-Daily saying.