South Korea's largest companies will set up a consortium to take part in the development of hydrocarbons in the Turkmen part of the Caspian shelf, Interfax reports.
Turkmen President Gurbanguly Berdimuhamedow said at a meeting with South Korean Economic Minister Lee Youn-ho that three promising sections of the Turkmen portion of the Caspian shelf are being proposed to South Korean businessmen, Turkmen media reports.
Berdimuhamedow pointed out that Turkmenistan proposes foreign partners to develop hydrocarbons in the shelf, while Turkmen companies will develop hydrocarbons on land.
The South Korean minister said that his country approved a composition of a bilateral intergovernmental commission for cooperation. This commission is headed by the South Korean economic minister.
The South Korean minister passed greetings from South Korean President Lee Myung-bak to Berdimuhamedow, stressing that Seoul is waiting for the Turkmen presidential visit this fall.
