August 20, 2011 [News.Az] - SOCAR hosted Vice President of Korean National Oil Corporation Moo Hyun Baek and signed an agreement on storing oil at Korean terminals.
According to the website for SOCAR, on welcoming the guests, the first vice president of SOCAR Khoshbakht Yusifzade stressed confidence about development of bilateral economic relations of mutual interest.
The meeting also involved vice presidents of SOCAR Rahman Gurbanov and Davud Mammadov.
Then SOCAR Trading (trading affiliate of the State Oil Company of Azerbaijan) and National Oil Corporation of Korea (KNOC) signed an agreement on storing oil at Korean terminals.
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).
