Middle East Economic Survey

VOL. XLVIII

No 19

9-May-2005

Algeria

Sonatrach And KNOC Sign Preliminary Oil Storage Agreement

Algerias Sonatrach and South Koreas state-owned Korea National Oil Corporation (KNOC) on 2 May signed a heads of agreement (HOA) under which Sonatrach would store 2bn barrels of Sahara Blend crude at KNOCs Ulsan base over a renewable three-year period. The storage capacity will be increased to 6bn barrels after KNOC expands the facilities leased to Sonatrach. The joint...