almotamar-net - Ministry of Oil & Minerals, General Institution for Oil & Gas and the Korean National Institution for Oil (Korean Financial Union) singed on Wednesday cooperation agreement on oil. The memo includes an agreement of production partnership in sector No16 of al- Qamar Gulf, in al- Mahra governorate.
Under the memo, the Korean institution would pay the cost excavation process in sector 16 with the area 10864 KM.
The memo also included anther function of the Korean institution, it is engraving an oil well with total cost US $ 13 million