53047
South Korea’s Iran Oil imports Rise 106%
South Korea’s Iran Oil imports Rise 106%

South Korea’s Iran Oil imports Rise 106%

South Korea’s Iran Oil imports Rise 106%

South Korea's imports of oil from Iran more than doubled in the first nine months of this year from a year earlier after international sanctions on the country were lifted in January, industry data showed on Sunday.
According to the data, imports of Iranian crude oil and condensates reached 78 million barrels in the January-September period, compared with 33.63 million barrels a year earlier, Yonhap news agency reported.
Iranian oil accounted for 9.7% of the country's total oil imports during the cited period, the data showed.
In September alone, the country imported 12.15 million barrels, worth $526 million, up 106% and 72.3%, respectively, from a year earlier.
Iran had been a major exporter of crude to South Korea, but international sanctions on Tehran for its nuclear program had sharply reduced bilateral trade.
With a population of over 80 million, Ira is a resource-rich country, holding the world's fourth-largest oil reserves and the second largest gas reserves.
Last year, South Korea imported $2.20 billion worth of crude oil from Iran, down 51% from the previous year and far lower than $9.36 billion in 2011. By volume, imports of crude and condensates came to 42.4 million barrels last year, down from 44.92 million in 2014, 56.14 million in 2012.
So far, South Korea has been importing condensates from Qatar and the US, but after the lifting of sanctions on Iran, local oil refiners sharply jacked up the imports of the gassy ultra light fossil fuel from Iran.

Short URL : https://goo.gl/52kYi2
  1. https://goo.gl/8ZhN5h
  • https://goo.gl/Zo1gsD
  • https://goo.gl/zYLr8N
  • https://goo.gl/SuqoEr
  • https://goo.gl/lAuBBK

You can also read ...

China Rejects US Sanctions, Vows to Continue Iran Crude Purchase
As the US and Iran continue to trade barbs over the...
India Vying for US Waiver
India, the second biggest crude customer of Iran, may cut its...
Venezuela Braces for Pricey Gasoline
Gasoline prices in Venezuela will soon catch up with world...
Zanganeh to Attend OPEC, Non-OPEC Committee Meeting
Iran's Oil Minister Bijan Namdar Zanganeh will attend a...
S. Korea Iran Crude Imports Up 15%
South Korea’s imports of Iranian crude rose around 15% in July...
Indonesia Cuts Oil Imports
Indonesia’s PT Pertamina will get an extra 225,000 barrels per...
UK's Quercus Halts Iran Renewable Project
British renewable energy investor Quercus said it will halt...
NPC Not Worried About Exports
The National Petrochemical Company is not concerned about...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus