South Korea, UAE sign deal
Posted: 15 May 2006
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South Korean President Roh Moo-hyun has arrived in Abu Dhabi on Friday to boost energy cooperation with the UAE.
During his visit, Moo-hyun signed a five-year agreement with the UAE. According to the memorandum of understanding, the two countries agreed to consider possible investments in projects in logistics and distribution, supply of crude oil and petroleum products, marine transportation, petrochemicals, and construction and services.
The UAE is South Korea's second largest oil supplier and a major trading partner in the Middle East, with the trade volume between the two countries reaching $12.7 billion last year.
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