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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