Financial Times FT.com

South Korea wins Kurdistan oil contract

By Anna Fifield in Seoul

Published: February 14 2008 09:13 | Last updated: February 15 2008 01:20

South Korea on Thursday signed a deal to explore and develop four oil fields in Kurdistan, in an agreement that would give it a foothold in the untapped northern region of Iraq.

The deal comes as South Korea, the world’s fourth biggest oil importer, aggressively steps up its resource diplomacy, but it could also prove a political and legal minefield. The agreement with the Kurdish regional government is likely to be disputed by Iraq’s national government.

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