Aramco, KNOC sign agreement to establish joint crude oil reserve

23/10/2023 Argaam

Aramco, KNOC sign agreement to establish joint crude oil reserve

Logo of Saudi Aramco

Saudi Arabian Oil Co. (Saudi Aramco) signed a contract with Korea National Oil Corporation (KNOC) to establish a joint crude oil reserve of 5.3 million barrels by 2028, at a storage facility in Ulsan, South Korea, Yonhap News Agency reported.

 

Under the agreement, South Korea will have priority rights to purchase oil in emergency situations related to supply and demand and will receive a lease through the five years.

 

According to data compiled by Argaam, on Oct. 22, Saudi Crown Prince Mohammed bin Salman and Korean President Yoon Suk Yeol held official discussions that were followed by the signing of several bilateral agreements and memorandums of understanding.

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