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 Chung-sook.

Addressing the event, Sheikh Nawaf Al-Sabah said he was proud of historic relations between the KPC and KNOC, saying that they have strategic ties at both economic and trade levels.

He explained that this deal would cement the strategic partnership between both sides, underlining the KPC's commitment to providing preemptive services to its partners as part of its strategic goals, given that it is a credible oil supplier to world markets in general and the Korean one in particular.

For his part, KPC Managing Director of International Marketing Sheikh Khaled Ahmad Al-Sabah said that the agreement reflects the KPC's strategic goals of strategic oil storing near vital markets, which ensures the availability of Kuwait oil at the Korean market and even other Asian markets.

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