South Korea preparing for oil imports from Iran

Beijing, Nov 9, IRNA - South Korea announced that its major oil and energy companies are planning to resume imports of crude oil, especially light petroleum from Iran after obtaining US sanctions exemptions.

The South Korean Petroleum Association and a number of its refiners are considering ways to import various types of oil products, including ultra-light oil and nafta, from Iran, so starting consultation on the issue and diversifying resources for the imports, Yonhap news agency reported on Friday.

South Korean refiners and petrochemical companies are heavily dependent on Iran's ultra-light oil and do not want sanctions to hamper purchases, causing disruptions in fuel supply and negatively impacting prices.

South Korea and seven countries, including the island of Taiwan, have been exempted, and there is an unprecedented appetite among companies for buying ultra-light oil from Iran.

According to statistics, Iranian condensate accounted for as high as 59 percent of South Korea's imports of the oil in April before dropping to the 30 percent range between May and August.
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