Oil Storage Facility to be Built in South Korea

South Korea plans to build a five million-barrel oil storage facility by the end of 2009, according to a senior official with the state-run Korea National Oil Corp (KNOC).

Kwan-Seop Kim, executive vice president for petroleum stockpile and marketing, said in an interview with Dow Jones Newswires that the project would be a joint venture between KNOC, foreign firms and local private companies.