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UAE's ADNOC to lease store slots in S Korean facility  Join our daily free Newsletter

MENAFN - 22/11/2012

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(MENAFN) State-run Abu Dhabi National Oil Co (ADNOC) has agreed to store 6 million barrels of crude oil in South Korea for three years, Reuters reported.

The announcement was made while Korean President Lee Myung-bak, and other government and business officials were visiting the UAE to mark the start of construction there of the country's first nuclear reactor.

A spokesman for Korea National Oil Corp (KNOC) said this is the first time ADNOC has leased storage in the Asian country.

For producers, storage in South Korea gives them flexibility to meet fluctuations in demand from Asian buyers. It also allows them to sell less than the two million barrels that typically sail on Very Large Crude Carriers (VLLCs) from the Middle East to Asia.

For South Korea, leasing storage to producers contributes to its security of oil supply, as it has first rights to crude in storage in case of emergency.

 






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