KUWAIT: Kuwait Petroleum Corporation has signed a two-year agreement with Korea National Oil Corporation to store four million barrels of oil in Ulsan, South Korea. The agreement marks a significant development in the energy collaboration between the two corporations, enabling enhanced storage and distribution capabilities in the region. According to Kuwait News Agency, this strategic partnership aims to bolster Kuwait's oil storage capacity, providing a secure and efficient storage solution in South Korea. The agreement is expected to facilitate the seamless flow of oil, ensuring stability and meeting the demand in the Asian markets. In other developments, Folk Maritime has launched a new regional shipping route, the India-Arabian Gulf Service, from Riyadh. This initiative is set to enhance maritime trade links between India and the Arabian Gulf, offering a new avenue for the transportation of goods and services. Meanwhile, the political landscape in Iraq has witnessed a shift with the election of Mahmoud Al-Mashhadani as the new speaker of the Iraqi Council of Representatives, replacing the former parliament speaker Mohammad Al-Halbousi in Baghdad. In Beirut, tensions have escalated with at least 12 people killed and 11 others injured in a series of Israeli occupation airstrikes across various parts of Lebanon. This development highlights the ongoing instability and violence in the region. Additionally, U.S. Secretary of State Antony Blinken has stated that the United States is closely monitoring Israel's adherence to legal responsibilities concerning humanitarian assistance in Gaza, as reported from Washington. In Brussels, EU High Representative for Foreign Affairs Josep Borrell has condemned Israel's attempts to hinder the activities of UNRWA, emphasizing the importance of unhindered humanitarian support. Lastly, the German government has taken diplomatic measures by ordering the closure of Iran's three consulates in Frankfurt, Munich, and Hamburg, as reported from Berlin.
