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S Korea, Algeria seal energy cooperation accord

Written by: Staff

ALGIERS, Mar 13 (Reuters) South Korea, the world's seventh-largest oil consumer, signed an energy cooperation accord with Algeria, an official statement said.

The agreement covers crude oil storage, liquefied petroleum gas (LPG) exports and renewable energy and was sealed during an official visit by South Korean President Roh Moo-hyun to the OPEC member North African country, Algerian official news agency APS reported yesterday.

Algeria is tapping foreign investment and expertise as part of a five-year programme worth 80 billion dollar to boost growth and modernise its infrastructure.

Trade exchanges between the two countries totalled 465.5 million dollars last year versus 595 million dollars in 2004, according to Algerian customs data.

Algeria imports electronic and industrial products and vehicles from South Korea and sells it energy and chemical products.

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