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N. Korea, China Allegedly Agreed to Oilfield Development Updated: 2011-05-30 00:00:00 KST

North Korea and China have reportedly agreed to a joint oilfield development in the West Sea in waters off the North's southwestern city of Nampo.
At a policy forum on Monday, an adviser to the Korea International Trade Association alleged that the deal to develop the suspected oil reserves in Seohan Bay was likely concluded last year, just one of Pyeongyang's resource-based campaigns to attract foreign capital from neighboring China.
Also, referring to the North giving China rights to its mineral resources, the businessman close to the North raised concerns over North Korea's increasing economic dependence on China.
Meanwhile, the South Korean government says nothing has confirmed rumors of the deal, adding that some experts have questioned its economic feasibility.
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