South Korea set to win major UAE oil field deal

South Korea is likely to secure a major oil field development contract in the United Arab Emirates as the Asian state pushes to meet its long-term energy needs, sources familiar with the matter said on Saturday.

                                  Location map of United Arab Emirates and its major oil fields


The contract might be signed as soon as Sunday to coincide with the South Korean President Lee Myung-Bak's visit to the UAE, the world's third-largest crude oil exporter.


"For a country without natural energy resources, this deal will secure its long-term oil supplies," one source said on condition of anonymity.


"There is a possibility that a contract could be signed on Sunday," said another source.


(C) REUTERS Africa