S. Korea’s Ira­nian Crude Oil Im­ports Rise 40%

Iran News - - FRONT PAGE -

SEOUL (Dis­patches) - South Korea’s im­ports of Ira­nian crude oil in­creased 40.2 per­cent in Au­gust from the same month a year ear­lier, with its re­fin­ers snap­ping up com­pet­i­tively priced car­goes from the Mid­dle East­ern na­tion.

South Korea, the world’s fifth-big­gest crude im­porter, brought in 1.55 mil­lion tons of Ira­nian crude last month, or 365,641 bar­rels per day (bpd), com­pared with 1.1 mil­lion tons in the same month in 2016, cus­toms data showed on Fri­day. Iran has been boost­ing oil pro­duc­tion since West­ern sanc­tions over its nu­clear pro­gram were lifted last year, aim­ing to in­crease crude out­put to 4.5 mil­lion bpd within five years.

In the first eight months of 2017, South Korea’s oil im­ports from Iran were 12.22 mil­lion tons, or 368,529 bpd, up 46.7 per­cent from 8.33 mil­lion tons dur­ing the same pe­riod the year be­fore, the data showed.

South Korea, one of Iran’s ma­jor Asian clients, mainly pur­chases an ul­tra-light oil, also known as con­den­sate, from the coun­try, but a break­down of im­ports is not avail­able. It uses con­den­sate to pro­duce more ex­pen­sive fu­els like naph­tha,

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