Korea-KOSCO Oil Agreement, September 1949

In September 1949, the Korean government signed a toal of four oil agreements with foreign oil companies. This article specifically analyzes one of those agreement, the Agreement Between the Republic of Korea and Korea Oil Storage Company (hereinafter Lease Agreement), one of those agreements. The Lease Agreement has historical significance as it was the first agreement signed with a foreign private company after the establishment of the South Korean government. Immediately after the outbreak of the Korean War, the Lease Agreement was suspended with the conclusion of an interim agreement, but it is important in that it formed the basis for future Korean oil operations. Through the signing of the Lease Agreement, the U.S. government laid the foundation for reflecting the convergence of Korea Oil Storage Company(KOSCO). Behind the gesture was the hidden aim of maintaining U.S. interest in South Korea by securing control over oil. In the end, with the signing of the Lease Agreement, South Korea was forced to become otherization in oil operation in the future.(Daegu University)