OREANDA-NEWS. September 9, 2011. Socar Trading, a unit of Azerbaijan’s state oil firm (SOCAR) begins using oil reservoirs of  Korea National Oil Corporation (KNOC).

Socar Trading Chief Executive Valery Golovushkin said that the first tanker has been loaded and is on the way.

“With the new storage, our sales in Asia will increase",- V. Golovushkin said.

The company signed a deal to lease underground storage with a capacity of 5 million barrels from Korea National Oil Corporation for two years, with an option to extend for another year. It also has floating storage in the form of a supertanker anchored in Malaysian waters and is looking to lease storage in Singapore.