Iraq-South Korean Joint cooperation reflects development of relations between both countries, official says

BAGHDAD / IraqiNews.com: The Official Spokesman for the Iraqi Government, Ali Al-Dabbagh, has said on Thursday that the decision of Iraq ’s Council of Ministers to ratify the law on the Agreement to Accelerate Ccooperation in the Economic Field and Energy Affairs between Iraq and South-Korea, stems from the Iraqi government’s keenness to develop relations between the two countries.   “The approval of the draft-law for the ratification of the law on the cooperation agreement, had been within the Iraqi government’s efforts to develop joint relations between both countries, especially in the field of economy, energy and other fields, that secure the supply of stable energy and the economic development in Iraq, as an agreement for the acceleration of economic/energy cooperation between Iraq and South-Korea was signed in April 28, 2011,” Dabbagh told IraqiNews.com news agency.   He said that “South-Korea shall exert every possible effort to support the economic sector in Iraq, through the building of energy generation stations, new oil refineries, the modernization and renewal of the current energy stations and refineries, as well as the supply of necessary appliances for civil defense, building housing compounds, roads, bridges and other infrastructure projects, along with the reconstruction of the main infrastructure projects, such as schools, hospitals and housing compounds, training of specialists and technicians in the field of electricity industry, and supporting other industries, such as petrochemicals, steel, agricultural chemistry materials, pipes and communications as well.”   Dabbagh concluded his statement saying: “The Iraqi government shall pay the costs of the said projects for Korean companies, through long-range cash and contracts payments, along with supplying those companies with Iraqi crude oil, to compensate cash payment, according to the demands by those companies, confirming that the Korean companies would be supplied by more than 250,000 barrels of oil per day, according to the market price, in order to secure a stable supply of crude oil for South-Korea.”   SKH (FT)   647