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AP Moeller Maersk

S. Korea secures Abu Dhabi Oil in huge deal

Ensures S.Korea's stakeholding in over 1 bln bbls reserves; MOU worth $97.7 bln on oil prices now -presidential office; Also agrees to develop 3 oil areas with 570 mln bbls; S.Korea to store 6 mln bbls of Abu Dhabi crude "for free"; S.Korea oil self-sufficiency rate eventually to be 15 per cent

March 13, 2011 2:50