News Summary: Iraq, South Korea in pipeline deal

PIPELINE DEAL: Iraq signed a $127.5 million deal with South Korea's KOGAS to build two key gas pipelines in northern Iraq as Baghdad takes steps to develop a modern infrastructure that meets growing energy needs.

THE MISSION: The $127.5-million deal stipulates that state-run KOGAS would construct two 68 mile-long pipelines to link oil-rich city of Kirkuk and the industrial city of Beiji to transport liquid and dry natural gas. The lines are to be completed by September 2014.

THE BACKGROUND: KOGAS is already developing a western gas field near the Syrian border and it is teaming up with Turkey's TPAO and Kuwait Energy to develop another gas field in eastern Iraq.