Kuwait city: Kuwait Petroleum Corporation (KPC) on Thursday signed a two-year strategic agreement with Korea National Oil Corporation (KNOC) to store four million barrels of oil in Ulsan, South Korea. The agreement was signed by KPC Deputy Chairman and CEO Sheikh Nawaf Saud Al-Nasser Al-Sabah and KNOC CEO Dong Sub Kim during a ceremony held at the KPC, in the presence of senior officials and representatives of the Foreign Ministry and South Korean Ambassador in Kuwait Park Chong-Suk. According to Kuwait News Agency, Sheikh Nawaf Al-Sabah expressed pride in the historic relations between KPC and KNOC, highlighting their strategic ties at both economic and trade levels. He emphasized that this deal would strengthen the strategic partnership between the two entities and underscored KPC's commitment to providing preemptive services to its partners as part of its strategic goals. He noted KPC's role as a credible oil supplier to world markets, particularly the Korean market. KPC Managing Director of Internationa l Marketing Sheikh Khaled Ahmad Al-Sabah stated that the agreement aligns with KPC's strategic goals of storing oil near vital markets. This ensures the availability of Kuwait oil not only in the Korean market but also in other Asian markets.
