South Korea has earmarked 20 billion won (21.3 million U.S. dollars) to provide 50,000 tons of heavy fuel oil to the Democratic People's Republic of Korea (DPRK) as part of a recent nuclear agreement, the Unification Ministry said Monday.

"The government embarked on internal preparations to provide 50, 000 tons of heavy fuel oil for North Korea in accordance with the six-nation agreement," said Yang Chang-seok, spokesperson for the ministry.

The oil shipment will cost an estimated 20 billion won, including delivery expenses, he said, adding that the details will be worked out during the upcoming meeting of a working group on energy aid.

The government will commission the Public Procurement Service to choose a local oil refinery for the project. It will cost about 350 U.S. dollars per metric ton, and incidental charges of delivery will constitute about 20 percent, Yang told reporters.

Source: Xinhua