阿联酋和韩国未能更新丽水原油储存协议项城

UAE's ADNOC, South Korea fail to renew Yeosu crude oil storage agreement

Seoul (Platts)--10 Mar 2017

South Korea's state-run Korea National Oil Corp and Abu Dhabi National Oil Co have failed to renew their joint crude storage agreement in Yeosu on the country's southwest coast, a KNOC official said this week.

"ADNOC's three-year contract recently expired and we have failed to renew it," the official said, but declined to give the reason.

ADNOC and KNOC signed a joint storage deal in 2013 under which the former stored 6 million barrels of crude oil at Yeosu. South Korea had first right over the oil in the event of a supply emergency.

The termination of this agreement comes just as the UAE has signed an agreement with India to store 5.86 million barrels of crude oil at its strategic storage facility.