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National oil companies of Azerbaijan and Korea sign agreement on storage of crude oil

20 August 2011 08:44 (UTC +04:00)

According to information, the first vice president of SOCAR Khoshbakht Yusifzade stressed confidence about development of bilateral economic relations of mutual interest. Speaking about new oil strategy of Azerbaijan, Yusifzade noted the role of SOCAR in the implementation of big oil-gas projects realized in the region.

In turn, Moo Hyun Baek spoke about the activity of the KNOC in Korea, as well as in the other countries, he presented the companies achievements to SOCARâ€™s leadership.

Thereafter, SOCAR Trading (trading affiliate of the State Oil Company of Azerbaijan) and National Oil Corporation of Korea (KNOC) signed an agreement on storing oil in Korean terminals. Under the agreement, SOCAR Trading gains an opportunity to store 5.3 million barrels oil at the terminals in Korea for two years, with a possibility of extension for another year.

Note that, SOCAR vice presidents Rehman Gurbanov and Davud Mammadov also attended the event.