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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here         Daily Independent Online.         * Friday,July 16, 2004. Korea dumps Middle East for Nigerian crude By ’Gbenga Abiodun State House Correspondent, Abuja   The Republic of Korea, which at present sources over 70 per cent of its oil requirement from the Middle East, has shown indication to diversify its supply by lifting oil from Nigeria. Giving this disclosure on Thursday, the Ambassador of Korea to Nigeria, Mr. Dong-Woo Kim, while paying a courtesy visit to Vice-President Atiku Abubakar at the State House, said the government and the people of Korea have lately been encouraged at the Nigerian government’s economic reform programme. According to him, a lot of Koreans are already exploring the business and economic terrain of Nigeria in all the important sectors (including the oil sector), adding that more would join them next year. A statement from the office of the senior special assistant to the vice- president on public communications and media affairs signed by Mr. Stephen Nelson, the chief information officer, quoted the Korean Ambassador as disclosing to the vice- president that his home government would like to diversify from the Middle East, from where it imports all of its crude to countries like Nigeria as a result of the crisis in that part of the world, which has been impacting negatively on oil supply into Korea. “Korea, he said, is dependent on 70 per cent of its oil from the Middle East and would henceforth like to have stable supply from countries such as Nigeria,” the statement read. In his remarks at the audience, Vice- President Abubakar impressed on the Korean ambassador that abundant business opportunities await genuine investors from Korea in the oil and gas sector of the Nigerian economy, much as he pledged that government would provide necessary support to any Korean company interested in investing in the up and down stream sector of the oil industry.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.dailyindependentng.com e-mail: [email protected]

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