State oil firm under audit over foreign-owned oil shipped from S. Korean storage site

The government on Friday launched an audit into South Korea's state-run oil company after discovering that 900,000 barrels of crude oil stored at a local strategic oil storage facility had been sold overseas, the industry ministry said. The audit into the Korea National Oil Corp. (KNOC) came after officials discovered that the crude oil, reportedly owned by an undisclosed Middle Eastern oil company, had been sold to an unidentified buyer in Southeast Asia, the Ministry of Trade, Industry and Res

By The Korea Herald