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The first 2 million barrels of crude oil from UAE’s Abu Dhabi National Oil Company (ADNOC) has arrived at Korea National Oil Company’s (KNOC) Yeosu storage facility.
The 2 million barrels of ADNOC crude oil arrived on March 21 and were brought into the country under the Korea National Oil Corporation-ADNOC International Joint Reserve Agreement signed during President Yoon Se-yeol’s state visit to the UAE in January.
The International Joint Reserve plans to lease KNOC’s storage facilities for storing crude oil and petroleum products from customers including customers in oil-producing countries, and to secure Korea’s right of first refusal to use the amount in case of emergency, thereby strengthening Korea’s national energy Safety.
KNOC will store a total of 4 million barrels of UAE crude oil in Yeosu, including the 2 million barrels imported this time.
Apart from the energy security benefits of bringing ADNOC’s crude into the country, there are significant economic benefits, the KOC said. Typically, storing 4 million barrels of UAE crude in a storage facility in South Korea would require buying $300 million worth of stored oil, according to KNOC.
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