South Korea resumes crude oil imports from Iran
South Korea will resume imports of Iranian crude oil as of next month or so after halting shipments ahead of new US sanctions on the Islamic Republic, Business Korea reported.
It is said that one million barrels of Iranian crude oil imported by SK Incheon Petrochem and SK Energy arrived at the Port of Incheon in South Korea on Jan. 19.
Another one million barrels are expected to arrive on Jan. 31.
It is stated that other South Korean companies Hyundai Oilbank and Hanwha Total are planning to import Iranian oil in February.
Earlier on January 2, 2018, Iranian president Hassan Rouhani said that US sanctions have failed so far to shut down Iran's oil exports and are unlikely to work in the future either.
Having bought 194,000 barrels of oil from Iran in July, South Korea cancelled oil shipments in August amid U.S. sanctions on Iran.
In August, the U.S. imposed the first round of economic sanctions on Iran, which mainly targeted the country’s banking sector.
Activating oil sanctions on Iran in November, Washington granted eight countries -- including South Korea -- an exemption for six months.105/209