Kuwaiti state oil firm KPC has signed a final agreement to store 4mn barrels of Kuwaiti crude at the South Korean hub of Ulsan. The contract was signed in Kuwait City on 31 October and follows a June MoU with Korean state firm KNOC (MEES, 4 June). Of South Korea’s 2.82mn b/d of crude imports for 9M 2024 some 72% came from the Middle East (MEES, 18 October), with Kuwait the fifth largest supplier. The new agreement bolsters the emirate’s position as KNOC has signed similar deals with Saudi Arabia and the UAE for a combined 13.3mn barrels of storage.