Iran News ...


08/21/12

South Korea to resume Iran oil imports from September: Report

Source: Press TV

South Korea is reportedly considering resumption of the Iranian oil imports from next month following the Islamic Republic's proposal to supply crude to Asia's fourth largest economy using Iranian tankers.

South Korean Economy Ministry sources said on Monday that the country will resume imports of up to 200,000 barrels per day of Iranian crude starting from September, Reuters reported.

"The imports will resume from early September loading, meaning late September arrival," a source at the ministry said on condition of anonymity.

"The oil will be loaded in Iran to be shipped by Iranian tankers under Iranian insurance cover," the source added.

An unnamed South Korean source said on August 8 that the Iranian side and local oil refineries were discussing potential use of Iranian oil tankers for the exports.

Iran has proposed that South Korean oil refiners use Tehran's own oil tankers, a move that would allow them to receive crude shipments without concerns over insurance guarantees.

According to reports, South Korea purchased 9.4 percent, or about 87 million barrels, of all its oil imports from Iran last year.

The country's shipments of commodity to Iran also jumped by 40.5 percent on-year to USD 2.9 billion in the first five months of the year.

... Payvand News - 03/25/16 ... --



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