Kazakhstan and S. Korea agree on oil production

The Kazakhstani national company KazMunayGas and the South Korean state-owned company Korea National Oil have agreed on a joint project for oil production in the Caspian region, the press service of the Kazakhstani company reported. South Korean President Roh Moo-hyun and Kazakhstani President Nursultan Nazarbayev signed a corresponding document. The deal, whose cost has not been announced, envisages the production of 600m to 800m barrels of oil (about 80m to 100m tons).