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.

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