S. Korea Iran Crude Imports Soar

S. Korea Iran Crude Imports Soar

South Korean imports of Iranian crude nearly doubled in May from a year ago, but its shipments from the OPEC country in the first five months of 2015 fell 2 percent year-on-year, meeting international sanction requirements.

Seoul imported 541,510 tons of crude from Iran last month, or 128,041 barrels per day (bpd), compared with 284,327 tons, or 67,230 bpd, a year ago, Reuters reported citing preliminary customs data from the world's fifth-largest crude importer as showing on Monday.

Of South Korea's four refiners, only SK Energy Co Ltd and Hyundai Oilbank Co Ltd import Iranian oil, and their imports fluctuate each month.

Asia's No.4 economy brought in 2.46 million tons, or 119,395 bpd, of crude from the Middle Eastern country between January and May this year, below 2.51 million tons, or 121,868 bpd, in the same period last year.

South Korean crude shipments from the Iran in 2014 were 6.2 million tons, or 124,497 bpd, down 7.1 percent from the 2013 average of 134,000 bpd.

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