CAO Enters Korean JV

摘要

China Aviation Oil (CAO) said on Mon-day it is investing US$32 million in an 8.18million bbl oil storage joint venture in SouthKorea, Oilhub Korea Yeosu Co. (OKYC).Singapore-based CAO will hold 26% ofOKYC, which is now owned by KoreaNational Oil Corp. (KNOC) and South Korean firms SK Energy and GS Caltex.Other stakes are being taken by localconglomerates including Samsung andLG. CAO is stepping in to replace tradinggiant Glencore and storage firm Oiltank-ing, which both withdrew from the pro-ject earlier this year.