South Korean President Lee Myung-bak has returned to his country following a regional shuttle tour which included Turkey and three other Middle Eastern states in a bid to ensure regular and stable oil supplies and lay solid foundations to seal a series of economic contracts.
Saud Oil Minister Ali Al—Nuaimi pledged last Tuesday that his country would cater to potential demand to supply South Korean companies with additional quantities of oil. This came as Seoul authorities prepared to reduce oil imports from Iran in conformity with the US economic sanctions on Tehran regime. President Lee Myung-bak and Turkish Prime Minister Recep Tayyep Erdogan agreed to continue ongoing negotiations towards establishing a free trade zone by June 2012. They also agreed to resume stalling talks on building two nuclear reactors to generate electricity on the Turkish Back Sea coast