53047
South Korea’s Iran Oil imports Rise 106%
South Korea’s Iran Oil imports Rise 106%
  1. Energy

South Korea’s Iran Oil imports Rise 106%

  1. Energy

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 ...

Iran has shipped another naphtha cargo to the UAE.
Japan is set to import a naphtha cargo from Iran this month, a...
Zanganeh Signs Energy Agreements in Iraq
Oil Minister Bijan Namdar Zanganeh on Monday signed two...
Iran's Condensate Stock in China Runs Out
Iran has sold its entire inventory of gas condensates in China,...
Gas Pipeline to Zahedan Goes on Stream Next Week
Gas supply to Sistan-Baluchestan’s provincial capital Zahedan...
Bandar Abbas Refinery to Produce Euro-4 Gasoline
Bandar Abbas Refinery in the southern Hormozgan Province will...
Rosneft to Complete Essar Acquisition
A consortium led by Russian oil major Rosneft plans to finally...
That was the first time Russia beat Saudi Arabia since March 2016.
Russia overtook Saudi Arabia as the world’s largest crude oil...
Platts Revamps Benchmark  Brent for 1st Time in Decade
Oil pricing agency S&P Global Platts said on Monday it was...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus