South Korea's state-owned Korea National Oil Corp plans to sign a memorandum of understanding May 3 with Algerian national oil company Sonatrach under which the two would forge a "strategic and comprehensive" partnership,KNOC said May 2.As the first step toward the stronger partnership,the companies have struck a joint oil stockpiling agreement under which 2-mil bbl of Algerian Sahara Blend would be stored at KNOC facilities in Ulsan for the next three years.The stockpile would be increased to 6-mil bbl after KNOC expanded the facilities,which are to be leased to Sonatrach.
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