Feb 19, 2019, 2:48 PM
News Code: 83215296
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S Korea resumes Iranian oil imports after five months

Tehran, Feb 19, IRNA – South Korean companies imported $101.2 million worth of Iranian crude last month, wrote Yonhap News Agency on Tuesday.

Saying that it was the first such move in five months, Yonhap wrote, 'The January figure represents less than one-fifth of $539 million, the average monthly Iranian crude oil imports for the first seven months of 2018, according to the data from South Korea Customs Service.'

It added that South Korean companies stopped importing Iranian crude oil in September last year, two months before the United States reinstated all sanctions against Tehran after lifting restrictions following the 2015 landmark nuclear deal.

The US has exempted South Korea and seven other countries from the sanctions for six months. South Korea is the third-largest buyer of Iranian oil.

South Korean refiners and chemical firms had relied heavily on Iranian condensate for production of various petrochemical products thanks to a stable supply and price competitiveness, Yonhap wrote.

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