Tuesday, July 05, 2011
Deutsche Presse-Agentur (dpa)
The national oil companies of South Africa and South Korea on Tuesday signed a deal on hydrocarbon exploration in Africa.
PetroSA and the Korea National Oil Corporation (KNOC) said they will also explore investment opportunities in the oil and gas sector on the continent.
The South African company said the deal would help it secure fuel supplies for the country, while its South Korean counterpart said this was a "golden opportunity to advance into African regions."
This is the latest deal between major Asian economies and African firms on natural resources, while countries like South Korea seek access to key exports to ensure their growth.
Copyright 2011 dpa Deutsche Presse-Agentur GmbH
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