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South Korea in talks with ONGC on storage, will expand

State-run Korea National Oil Corp. said on Wednesday it is in talks with ONGC to store crude from Russia's Sakhalin-1 field.

KNOC also plans to expand its storage capacity by about 20 percent to 146 million barrels by 2010, said executive vice-president Abraham K. Kim at an industry conference.

South Korea signed an agreement last month with Kuwait for joint storage of 2 million barrels of crude oil, adding to the country's emergency stockpile.

© Reuters

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