South Korea highly likely to resume Iranian crude oil imports soon
July 27, 2012 - 15:47
South Korea may soon resume Iranian crude imports after having completely halted shipments in July because of a European Union ban on insuring tankers carrying oil from the Islamic Republic.
A resumption would suggest top Asian buyers of Iranian oil are finding ways to keep oil flowing in despite tough sanctions from the United States and Europe.
Economy Minister Hong Suk-woo said in a statement on Thursday it was “highly likely” South Korea would soon resume imports. The statement gave no details of when the imports may start and the volumes involved.
Iran is set to arrest a slide in oil shipments in July as China increases imports to a record high to account for more than half of Tehran’s crude exports, an industry report said.
China’s crude oil imports from Iran rose to their highest in nearly a year in June despite the tough Western sanctions targeting Iran’s oil shipments.
South Korea imported just over 176,000 bpd of Iranian crude oil in June, down about a quarter from a year ago, as shipments wound down ahead of the EU ban.
(Source: Reuters)