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FINANCIAL NEWS
KNOC, Adnoc ink oil reserves MoU
14 Mar 2011
(MENAFN) Korea National Oil Corp (KNOC) stated that it signed a memorandum of understanding (MoU) with Abu Dhabi National Oil Company (Adnoc), under which the latter would provide the South Korean company with a minimum of one billion barrels of crude oil reserves, reported the Peninsula.
KNOC by the new deal acquired a stake in technically recoverable reserves of oil worth a minimum of USD97.68 billion.
The new deal comes as South Korea is building up its oil reserves against China and India.
It is worth noting that South Korea is currently the world’s fifth largest crude oil importer.
More News
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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