Korea, Azerbaijan to boost energy ties

Minister of Commerce, Industry and Energy Chung Sye-kyun will meet with Azerbaijan Minister of Industry and Energy Natig Aliyev and seek to advance joint oil development projects and strengthen economic cooperation, as well as business ties, Seoul's Commerce Ministry said in a statement on Sunday.

In May, the Korea National Oil Corp. and Azerbaijan's state-run SOCAR, signed a memorandum of understanding to conduct a joint petroleum development project in the Caspian Sea. This has enabled Seoul to take the first step to jointly develop an oil field in the Inam block.

U.K.-based BP and U.S-Based Shell control a combined 50 percent stake in the Inam oil field. Seoul hopes to have access to the remaining 50 percent controlled by SOCAR. Korea is the world's fifth-largest oil importer.

A trade mission from the petroleum-rich country has also accompanied Aliyev for a six-day joint economic convention. The Korea Herald