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 ...

NIOC has concluded MoUs with Austria’s OMV and Thailand’s PTTEP for undertaking surveys on the oilfield.
Singapore-based Berlanga Group has signed a memorandum of...
Essar’s Oct. Iran Oil Imports Fall
Indian private refiner Essar Oil’s imports from Iran fell by...
Tehran and Dushanbe have discussed the idea of using tracts of land in Tajikistan for cultivating crops to be imported back to Iran.
In his first overseas trip as Iran's energy minister, Reza...
IEA: US to See Most Crude Output Growth in 10 Years
The United States is expected to account for more than 80% of...
Just two offshore companies accounted for 45% of the total owed creditors this year.
Offshore oil drilling and services companies, hurt by the...
S. Arabia’s Falih: 50% of Excess Oil Remain
The world will still have a surplus of oil by the end of March...
Oil Prices Set for Weekly Fall
Oil prices rose on Friday but remained en route for their...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus