ADNOC and KNOC signed a 6 million barrels storage agreement for strategic joint stockpile

WAM Abu Dhabi, 21 Nov. 2012 (WAM) — His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, and H.E. Lee Myung-bak, the Korean President, today attended the signing ceremony of an Oil Storage and Management Agreement between Abu Dhabi National Oil Company (ADNOC) and Korea National Oil Corporation (KNOC) at the Emirates Palace Hotel.

The agreement, signed by Abdulla Nasser Al Suwaidi, Director General of ADNOC), and Mr.

Moon Kyu Suh, President and CEO of KNOC, provides for 6 million barrels of crude oil for the Korean Strategic International Joint Stockpile Program.

This agreement comes as a result of the Memorandum of Understanding for cooperation in the oil and gas sector which was signed in March 2011 between the Emirate of Abu Dhabi and Korean government. This agreement is reviewed by both as a win-win cooperation.

The agreement provides for joint cooperation between Abu Dhabi and South Korea and will enhance the energy security of Korea and reduce the burden on the Korean government budget and provide a right to purchase Abu Dhabi crude oil in the Strategic Petroleum Reserve (SPR) in the event of an oil shortage.

The agreement will enhance Abu Dhabi’s standing as one of the world’s most secure sources of Energy; ADNOC has pre-positioned crude oil in a strategic hub for the Northeast Asia region.

Sheikh Mohammed and the Korean President also attended the signing ceremony of a Memorandum of Understanding on Co-operation in the medical field between the General Command of the UAE Armed Forces and the Korea Health Industry Development Institute (KHIDI).

The General Command of the UAE Armed Forces was represented by Major General Mohammed Saeed bin Maran Al Dhaheri, Chief of the Joint Logistics Command, while the Korea Health Industry Development Institute (KHIDI) was represented by KHIDI’s President Ko Kyung-hwa.

Present at the signing ceremony were H.H. Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister, Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, Khaldoon Khalifa Al Mubarak, Chairman of Abu Dhabi Executive Affairs Authority (EAA), Lt. General Hamad Mohammed Thani Al Rumaithi, Chief of Staff of the UAE Armed Forces, Mohammed Mubarak Al Mazrouie, Undersecretary of Abu Dhabi Crown Princes’ Court, Abdullah Khalfan Al Rumaithi, UAE Ambassador to Korea, Korean Ambassador to the UAE Kwon Tae-Kyun and members of the delegation accompanying the Korean President.

WAM/TF

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