S. Korea considers resumption of Iran crude imports
Wed Aug 8, 2012 3:10PM
The Iranian side and local oil refineries are discussing the measure of using Iranian oil tankers (for the imports)." A South Korean government sourceSouth Korea is considering resumption of the Iranian oil imports as early as next month following the Islamic Republic’s proposal to supply crude oil to Asia's fourth largest economy using its own oil tankers. "The Iranian side and local oil refineries are discussing the measure of using Iranian oil tankers (for the imports)," Yonhap news agency quoted a South Korean source as saying on the condition of anonymity on Wednesday. "The discussion is making progress," the source pointed out.
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 the reports, South Korea purchased 9.4 percent, or about 87 million barrels, of all its oil imports from Iran last year. Seoul's shipments to Iran also jumped 40.5 percent on-year to USD2.9 billion in the first five months of this year. MP/SS/AZ