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News // Transportation and storage

South Korea ships in over $100 mln worth of Iranian oil in January

21 February 2019 , 12:06Neftegaz.RU503

Seoul, February 21 - Neftegaz.RU. After a 5-month interruption, South Korea imported $101.2 million worth of Iranian crude oil in January, Yonhap reported citing Korea Customs Service data.


South Korean companies stopped importing Iranian crude oil in September 2018, but the country was allowed to continue to buy Iranian oil over the next 6 months.


However, despite the waiver, South Korean companies resumed importing oil from Iran in January in which they shipped in less than one-fifth of $539 million, the average monthly Iranian crude oil imports for the 1st 7 months of 2018.


South Korean refiners and chemical firms had relied heavily on Iranian condensate for production of various petrochemical products thanks to a stable supply and price competitiveness. South Korea is the 3rd-largest buyer of Iranian oil.



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