South Korea’s New Oil Firm Inks Deal with Bahrain, Turkey
From Yonhap News
A new South Korean oil company has signed a deal with two firms in Bahrain and Turkey to import gasoline and diesel in a bid to break a decades-long monopoly held by four oil firms in South Korea, an official said Sunday.
The National Oil Corporation (NOC) inked a deal with Bahrain’s Riyada Group and Turkey’s Rokan Holdings in Bahrain last week on a long-term supply of oil products, said Lee Wang-jae, an official of the NOC.
Still, Lee said consultations are under way with the two companies on a specific time frame of import and import volume.
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