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Free AccessSaudi and South Korea Enhance Energy Partnership in 5.3mn bbl Storage Deal
Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman met with South Korea’s Minister of Trade, Industry and Energy Bang Moon-kyu on Sunday in Riyadh.
- The two officials reviewed progress of joint collaborations in the energy sector.
- Following this, state-run Korea National Oil Corp. will store 5.3 million barrels of Saudi Arabian crude oil in a joint inventory management deal with Saudi Aramco. It is set to be used as a strategic reserve for South Korea in the deal announced Monday.
- The 5.3mn bbls will mostly be Arab Light. The first shipment will be “soon” according to KNOC officials.
- KNOC operates nine storage bases, including Ulsan and Yeosu tanks, which can hold a total 146 million barrels of crude oil and oil products.
- Saudi Arabia is the biggest crude supplier to South Korea, providing around 236 million barrels in the first eight months this year according to KNOC data.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.