KUWAIT: Kuwait Petroleum Corporation (KPC) signed a two-year strategic agreement today with the Korea National Oil Corporation (KNOC) for the storage of four million barrels of Kuwaiti crude oil at the KNOC’s storage facility in Ulsan, South Korea. This agreement follows a memorandum of understanding signed by both parties in June.
Sheikh Khaled Ahmad Al-Sabah, KPC’s Managing Director of Global Marketing, said the agreement will allow Kuwait to store oil near vital markets, ensuring the availability of Kuwaiti oil in the Korean market and the rest of Asia. The new arrangements, he said, strengthen KPC’s supply chain and its ability to respond swiftly to market demands, especially amid regional geopolitical changes.
The agreement was signed during a ceremony held at the KPC headquarters, with KPC’s Vice Chairman and CEO Sheikh Nawaf Saud Al-Nasser Al-Sabah representing the corporation. Dong-sub Kim, CEO of KNOC, attended the event along with senior officials and representatives from the Ministry of Foreign Affairs, including the South Korean Ambassador to Kuwait, Chung Seok-Park.
In his speech during the ceremony, Sheikh Nawaf Al-Sabah expressed pride in the historical relationship between KPC and KNOC, describing it as a "strategic relationship” in economic and commercial terms. He noted that this agreement solidifies the strategic partnership between the two sides and underscores KPC’s commitment to providing proactive services to its partners, aligning with one of its strategic goals while serving as a reliable energy supplier to global markets, particularly the Korean market. It is noteworthy that energy cooperation between Kuwait and South Korea began in 1964 and forms the cornerstone of the economic relations between the two countries, with South Korea being the second-largest importer of Kuwaiti crude oil. — KUNA