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S. Korea resumes natural gas liquid imports from Iran, but cuts oil import

15 April 2013 15:36 (UTC+04:00)
S. Korea resumes natural gas liquid imports from Iran, but cuts oil import

South Korea resumed imports of natural gas liquids from Iran in March after halting shipments for eight months because of EU sanctions restricting insurance on tankers carrying Iranian oil, Reuters reported.

South Korea imported a total of 101,029 tonnes of natural gas liquids - a feedstock for petrochemical production - last month, with 72,750 tonnes coming from Iran, the customs data showed.

The North Asian country halted imports of Iranian natural gas liquids in July because it was unable to find ships to carry the feedstock due to the European Union sanctions.

The United States and the EU have imposed sanctions aimed at halting Iran's nuclear programme, which the West suspects is being used to develop arms. Tehran denies this.

South Korea, the world's fifth-largest crude oil and second-largest liquefied natural gas importer, bought 464,963 tonnes of natural gas liquids last year, according to the customs data.

Of the total, 372,203 tonnes came from Iran before being stopped in July, and the rest from the United Arab Emirates.

Meanwhile, Bloomberg reported that South Korea reduced crude shipments from Iran by about 17 percent in March from a year earlier

Purchases last month were 556,658 metric tons, compared with 668,706 tons a year earlier, according to data on the Korea Customs Service's website today.

The volume was 550,827 tons in February, the figures showed. The March deliveries were equivalent to about 132,000 barrels a day.

South Korea resumed crude shipments from Iran in October after the Persian Gulf nation offered its own vessels for transporting the commodity.

Imports from the Islamic republic fell 22 percent to 1.92 million tons in the first three months of this year from 2.46 million a year earlier, according to the customs data.

The January-March imports were the equivalent of about 6 percent of Korea's total crude purchases of 31.42 million tons during the three months, the data show.

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