Korea is Interested in Developing Oil and Gas Fields in Azerbaijan
Azerbaijan, Baku, 19 May / corr. Trend A. Badalova/ The South Korea wishes to take part in the projects on development of the oil and gas fields in Azerbaijan, Ryu Ji Chul, the managing director of the Energy University of Korea said during the Azerbaijan-Korea business forum on 19 May.
Korea began import of oil from Azerbaijan in 2007. Azerbaijan accounts for 0.75% of the total volume of Korea's oil import. The trade turnover between the two countries increased by 14 times and made up $446mln in 2007 against $47mln in 2006.
" Korea has an experience of cooperation with Azerbaijan in developing Inam field and we hope that this cooperation will be further expanded," Ryu Ji Chul said. The Korean KNOC recently obtained 20% share in the project on the development of the offshore Inam field.
San Khye-Kuk, the vice-president of the Korea Investment and Securities Co stated that the projects on the construction of the sea ports, electric power station and electricity networks are the most prospective projects for Korea.
"The market of Azerbaijan has a big privilege and big energy resources which attracts the attention of the majority of countries worldwide. The development of the energy resources, shipbuilding and construction of the sea ports are important to attract investments and we are ready to cooperate in this spheres," San Khye-Kuk said.
A total of 4 memorandums have been signed between Azerbaijan and Korea during the business forum including memorandum on the further cooperation, memorandum on joint studying energy resources, joint production of the shipbuilding facility, joint production of the hygiene product and memorandum on investments and securities.