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SK Energy to rent 1.8 mln bbls crude oil storage from S.Korea’s KNOC

SK Energy, South Korea’s top refiner, will rent a crude storage facility from state-run Korea National Oil Corp (KNOC) to store excess crude amid a drop in fuel demand caused by the coronavirus outbreak, a company spokesman said on Tuesday.

SK Energy, owned by SK Innovation, will rent a total of 1.8 million barrels of crude oil storage in the southwestern city of Seosan from the state-oil firm for three months starting April, the spokesman said.

KNOC declined to comment.
Source: Reuters (Reporting By Jane Chung; Editing by Christian Schmollinger)

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