Gov't launches audit after 900,000 barrels of oil stored here sold overseas

The government launched Friday an audit into the Korea National Oil Corp. over the company's failure to exercise priority purchase rights of foreign-owned crude oil stored in South Korea, resulting in an outflow of 900,000 barrels of stockpile, according to officials. The 900,000 barrels of international joint oil stockpile, which had been kept at Korea's oil reserve in the southeastern city of Ulsan by an unidentified foreign company, was sold overseas recently as KNOC did not exercise the prio