The nation will import gas from East Timor from 2013.The Ministry of Knowledge Economy said Tuesday that a delegation led by Economy Minister Lee Yoon-ho and East Timor signed a memorandum of understanding (MOU) to that effect.
Under the pact, South Korea will be given top priority in the import of gas from the Greater Sunrise gas field in East Timor.
Greater Sunrise is estimated to hold enough gas to meet seven years worth of South Korea's energy needs.
The pact marks the first time that East Timor, which gained independence in 2002, has signed an energy-resources pact with a foreign country.
Reported by KBS WORLD Radio
Contact the KBS News: englishweb@kbs.co.kr
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