06/10/2012 16:34
South Korean resumes imports of Iranian oil
South Korean refiner Hyundai Oilbank has loaded a cargo of crude in Iran for delivery later this month, a company source said yesterday, while a cargo for refiner SK Energy arrived this week as Seoul resumes imports following a two-month gap.
The north Asian country has restarted Iranian oil imports of about six million barrels per month, or 200,000 barrels per day (bpd) of full contracted volumes, after a way was found to get around a European Union ban on insurance cover.
The cargoes are being transported under Iranian insurance cover to avoid sanctions, refining and government sources said.
"Hyundai Oilbank lifted its first Iranian crude last week and it is expected to arrive later this month," said a company source who declined to be identified.