South Korea stops Iranian oil imports in May as sanction waivers end

By Jane Chung SEOUL (Reuters) - South Korea halted all imports of Iranian oil in May, customs data showed on Saturday, as waivers on U.S.

Reuters June 15, 2019 06:05:41 IST
South Korea stops Iranian oil imports in May as sanction waivers end

South Korea stops Iranian oil imports in May as sanction waivers end

By Jane Chung

SEOUL (Reuters) - South Korea halted all imports of Iranian oil in May, customs data showed on Saturday, as waivers on U.S. sanctions against Iran ended at the start of last month.

The world's fifth-largest crude oil importer was among countries granted six-month waivers by the United States in November last year, and resumed Iranian oil imports from January this year after a four-month hiatus.

The country's imports of Iranian crude for the January-May period, were 3.87 million tonnes, or 187,179 bpd, compared to 5.45 million tonnes over the same period last year, the customs data showed.

South Korean oil buyers mainly imported condensate, an ultra-light oil, from Iran.

SK Innovation, the owner of South Korea's top refiner SK Energy and petrochemical maker SK Incheon Petrochem, said in late May that it has been replacing Iranian condensate with crude oil from other sources, including Qatar and Russia.

South Korea's total May crude oil imports fell 11.1% to 11.27 million tonnes, or 2.65 million bpd.

Oil shipments from Saudi Arabia, the country's top crude oil supplier, rose 5.1% to 3.39 million tonnes, or 798,695 bpd, from a year earlier, the data showed.

Qatari crude oil imports rose 10.1% year-on-year to 660,752 tonnes, or 155,596 bpd.

South Korea also imported 1.43 million tonnes of crude oil, or 337,014 bpd, in May from the United States, more than tripled from 405,158 tonnes a year earlier, according to the data.

The country's crude oil imports from January to May edged up 0.3 % to 61.17 million tonnes year-on-year.

State-run Korea National Oil Corp (KNOC) will release the country's final crude oil imports data later this month.

(Reporting By Jane Chung; editing by Diane Craft)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Rich world could be close to normal by late 2021 if vaccine works, Bill Gates says
World

Rich world could be close to normal by late 2021 if vaccine works, Bill Gates says

By Guy Faulconbridge and Kate Holton LONDON (Reuters) - Rich countries could be back to close to normal by late 2021 if a COVID-19 vaccine works, is ready soon and distributed properly at scale, Microsoft founder Bill Gates said on Tuesday. "By late next year you can have things going back pretty close to normal - that's the best case," Gates, 64, told The Wall Street Journal CEO Council. "We still don't know whether these vaccines will succeed," Gates said.

Exclusive: Taliban, Afghan negotiators set ground rules to safeguard peace talks - sources
World

Exclusive: Taliban, Afghan negotiators set ground rules to safeguard peace talks - sources

By Rupam Jain (Reuters) - Taliban and Afghan government-backed negotiators have agreed on a broad code of conduct to advance the intra-Afghan peace talks in Qatar, even as key differences between the two warring sides remain, three official sources told Reuters on Tuesday.

Russian rights groups call for home raids to stop after journalist self-immolates
World

Russian rights groups call for home raids to stop after journalist self-immolates

MOSCOW (Reuters) - Russian rights groups on Tuesday called on the authorities to stop using home searches as a tactic to intimidate opponents after a journalist set herself on fire following a police raid of her apartment last week. Irina Slavina, editor-in-chief at a small news outlet in the city of Nizhny Novgorod, self-immolated in front of the local branch of the interior ministry in Nizhny Novgorod last Friday after blaming Russian authorities for her death in a Facebook post