Akhir 08, 1432 / March 13, 2011, SPA -- Expanding the strategic partnership between the United Arab Emirates and the Republic of Korea, the governments of Abu Dhabi and Korea entered into a wide-ranging Memorandum of Understanding (MoU) related to cooperation in the oil and gas sector. Additionally, the Abu Dhabi National Oil Company (ADNOC) and the Korean National Oil Company (KNOC) took a first step toward Korean Upstream participation in Abu Dhabi, by signing a separate Heads of Terms Agreement related to the further exploration and potential development of three undeveloped blocks held by ADNOC and believed to have more than 500 million barrels of oil in place. A third MoU related to future areas of economic cooperation in semiconductors, media, and investment and financial services was also signed, as WAM reported. President Sheikh Khalifa bin Zayed Al Nahyan of UAE, who witnessed the signing of the three agreements along with Korean President, Lee Myung-bak, at Al Mushrif Palace, welcomed the latest step toward closer UAE- Korea ties, stating: "The relationship between the United Arab Emirates and Korea continues to grow stronger and deeper, creating new benefits for the people of both nations, including greater energy security, employment creation and economic development. We look forward to the further advancement of this important relationship."
