Upgrading railroad system in Nigeria

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2006-11-07 16:03

Seoul--(뉴스와이어)--Korea and Nigeria will take part in upgrading and modernizing the Nigerian railway system as well as developing the African nation's oil fields.

Minister Chung Sye Kyun of the Ministry of Commerce, Industry and Energy (MOCIE) and his counterpart, Nigerian Oil Minister Daukoru signed a memoradum of understanding (MOU) on Monday in Seoul. Edmund Daukoru is Nigeria's Minister of State for Petroleum Resources and is also the President of the Organisation of Petroleum Exporting Countries (OPEC).

According to the agreement, Korea will provide long-term, low interest commercial loans to Nigeria and Korean companies will take participate in Nigeria's railway modernization program. Another key part of the agreement calls for Nigeria to transfer stakes in its oil fields to Korea for development.

웹사이트: http://www.mocie.go.kr

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