Kuwait Petroleum Corporation (KPC) signed a Memorandum of Understanding (MoU) with Korea National Oil Corporation (KNOC) to store four million oil barrels in South Korean Ulsan city.
In a statement to KUNA on Wednesday, KPC mentioned that the MoU is in application of corporation strategy on storing oil near vital markets to guarantee Kuwaiti oil supply in Asian continent.
Signing the MoU is KPC President Sheikh Nawaf Saud Al-Sabah, and KNOC chief Dong Sub Kim in Seoul, the South Korean capital.
According to the statement, Sheikh Nawaf voiced his pride in the relations between the two countries, especially as South Korea is Kuwait’s second largest receiver of Kuwaiti oil with 19 percent of total oil exports.
KPC’s official, Sheikh Khaled Ahmad Al-Sabah mentioned that the marketing sector succeeded in creating strategic storage opportunities, adding that this MoU comes after success in providing storage space in Japan.
Kuwait’s total crude oil exports and products to South Korea reached a total of 286.2 mi
llion barrels in 2022 to 2024.
Source: Kuwait News Agency