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GS Caltex to supply heavy oil to N. Korea
SEOUL, Oct. 28 (Yonhap) -- GS Caltex Co., South Korea's second-biggest oil refiner, said Sunday it is set to supply 21,000 tons of heavy oil to North Korea as part of a nuclear disarmament agreement.
The oil shipment will be sent later Sunday via the port of Yeosu, a port city about 455 kilometers south of Seoul, to arrive at the North Korean ports of Songlim and Sunbong.
GS Caltex and European oil trading company Vitol have recently won a tender issued by the U.S. Agency for International Development to supply a combined 50,000 tons of heavy oil to the North as part of the disarmament-for-aid deal.
Under the mid-February deal, the North has been promised with economic, energy and humanitarian assistance in return for denuclearization efforts.
At the latest nuclear disarmament talks in Beijing, the North also promised to disable key nuclear facilities by year's end, in exchange for the U.S. pledge to remove it from the list of terrorism-sponsoring nations.
GS Caltex is a joint venture between GS Holdings and U.S. Chevron Corp.
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