Kim Dong-sub, CEO of Korea Nationwide Oil Corp. (fourth from left, entrance row), KPC Chairman Shaikh Nawaf Saud Al-Sabah (fourth from proper, entrance row), and South Korean Ambassador to Kuwait Park Jong-seok (third from left, entrance row) pose for a commemorative photograph following a joint stockpiling signing ceremony at KPC’s headquarters in Kuwait, Thursday. (KNOC)
South Korea’s state-run oil firm stated Thursday it has signed an settlement with Kuwait Petroleum Company to retailer 4 million barrels of oil from the Center Jap nation that may be accessed in case of a worldwide vitality disaster, including to Seoul’s efforts to safe a secure provide of vitality sources.
Underneath the settlement, the Korea Nationwide Oil Corp. (KNOC) will retailer the barrels within the southeastern industrial metropolis of Ulsan, the place they are often equipped domestically when wanted.
“Amid the escalating pressure within the Center East following the Israel-Iran battle, this deal will enable South Korea to proactively safe crude from the area and bolster its readiness by way of vitality safety,” the KNOC stated in an announcement.
For Kuwait, the settlement affords a safe regional hub to make sure a secure provide for its different Asian shoppers, the corporate added.
The KNOC, in the meantime, signed comparable offers final 12 months with Saudi Arabia and the United Arab Emirates, internet hosting a mixed 13.3 million barrels of crude in South Korea.
“As South Korea relies on the Center East for 72 % of its crude demand, the agreements with the highest three companions will considerably contribute to our vitality safety,” the business ministry stated in an announcement. (Yonhap)
