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SOCAR Signs Deal On Oil Storage In Korea Terminals

The head office of the State Oil Company of Azerbaijan (SOCAR) hosted a meeting with the Vice President of the Korean National Oil Corporation, Moo Hyun Baek, on Aug. 19.

According to the website for SOCAR, on welcoming the guests, the first vice president of SOCAR Khoshbakht Yusifzade emphasized his confidence in the development of bilateral economic relations of mutual interest.

The meeting also involved vice presidents of SOCAR Rahman Gurbanov and Davud Mammadov.

At the same meeting, SOCAR Trading (the trading affiliate of the state oil company) and National Oil Corporation of Korea (KNOC) signed an agreement on storing oil in Korean terminals.

Under the agreement, SOCAR Trading may store 5.3 million barrels of oil at Korean terminals for two years, with a possible storage extension of one additional year.

Source: 1news.az
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