The agreement was signed in a ceremony held today in a theater Kuwait Petroleum Corporation She was represented by Vice Chairman and CEO Sheikh Nawaf Saud Al-Nasser Al-Sabah Korea Oil Corporation CEO Dr. Dong Sub Kim in the presence of senior officials and representatives from the Ministry of Foreign Affairs and South Korean Ambassador to the country Chung Suk Park.
In his speech during the celebration, Sheikh Nawaf Al-Sabah expressed his pride in the historical relationship between the Kuwait Petroleum Corporation and the Korean National Oil Corporation, describing it as a “strategic relationship” on the economic and commercial levels.
For his part, Managing Director of Global Marketing Sheikh Khaled Ahmed Al-Sabah said that the agreement strengthens KPC’s supply chain and its ability to quickly respond to demand in the markets, especially in light of regional geopolitical changes.
He said that this agreement embodies the objectives of the corporation’s strategy for strategic storage near vital markets, which ensures availability Kuwaiti oil In the Korean market and the rest of the Asian continent.
It is noteworthy that cooperation in the field of Energy between Kuwait andSouth Korea It began in 1964 and constitutes the basic pillar of economic relations between the two countries, as South Korea ranks second in terms of Kuwaiti crude oil exports, according to the official Kuwait News Agency.
