The Azerbaijan State News Agency

ECONOMY

SOCAR to store oil in Korean terminals

20.08.2011 [10:54]
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Baku, August 20 (AZERTAC). Azerbaijan`s state oil firm, SOCAR, will store its oil in Korean terminals.

SOCAR Trading, SOCAR`s trading affiliate, has signed a relevant agreement with National Oil Corporation of Korea.

The document was inked during the Korean company`s vice president Moo Hyun Baek`s visit to Baku.

Speaking to the signing ceremony, SOCAR vice president Khoshbakht Yusifzade expressed confidence the agreement would boost the development of relations between the companies.

Under the agreement, SOCAR Trading gets an opportunity to store 5.3m barrels of oil at Korean terminals for two years (with possible prolongation for one more year).