Sonatrach signs agreements with KNOC

May 05, 2005 02:00 AM

The Algerian oil and gas company (Sonatrach) said that it signed two agreements with the Korean National Oil Company (KNOC) stipulating the doubling of Algerian oil exports to South Korea.
Sonatrach vice Chairman for Marketing told that the first agreement concerns support for cooperation in both the industrial and fuel fields.

The second agreement concerns leasing 2 mm barrel depots for storing Algerian oil at the KNOC, he said adding that term of each agreement is three-years.
He said leasing the depots was against $ 100,000-$ 200,000 monthly payable by Sonatrach, adding that the importance of the two agreements lies in their expansion to involve many Asian states that are in demand for oil.

This, he went on, is the first move ever by Sonatrach and allows for promotion of Algerian crude oil in the region.
He concluded that the first shipment would be delivered by Sonatrach aboard a VLCC model super tanker with cost of shipping one barrel up to $ 3.

Source: Kuwait News Agency
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