US-Korea Oil Agreement, January 1949: Character and Significance

In 1949, the Korean government signed six oil agreements. This article details the negotiation process of the Agreement between the Republic of Korea, the United States, and Korea Oil Storage Company(hereafter “the Operating Agreement”), which was the first of the six oil agreements. Through this analysis, the character and significance of the oil agreements will be clarified. Although the Operating Agreement was a temporary agreement operated for six months, it is important in that it formed the basis for future Korean oil operations. In the process of negotiating the Operating Agreement, the U.S. government centered on an effective and efficient pursuance of ways that reflected a 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 Operating Agreement, South Korea was forced to become otherization in oil operation in the future.