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South Korea replaces Iran oil with other Middle East sources - Yahoo! News
South Korea replaces Iran oil with other Middle East sources
SEOUL (Reuters) - South Korea's economy ministry said on Tuesday most of its Iranian oil imports had already been replaced by supplies from other producers such as Iraq, Kuwait, Qatar and the United Arab Emirates, and by spot purchases, although some still needed to be covered.
The world's fourth-largest buyer of Iranian crude oil had no plan to follow Japan by providing state guarantees to insure tanker shipments to continue Iranian oil imports, given current oil supplies, Moon Jaedo, deputy minister for international affairs at the economy ministry, told a briefing.
South Korea said earlier on Tuesday that imports of Iranian crude oil would be halted from July 1 due to an EU ban on insurance cover on tankers carrying Iranian crude, making Korea the first of Iran's major Asian customers to halt oil purchases.
(Reporting by Meeyoung Cho; Editing by Ed Davies)
BBC News - South Korea looks to replace Iran oil
South Korea looks to replace Iran oil
South Korea is preparing to cut the amount of oil it imports from Iran, as part of international pressure related to Iran's nuclear programme.
The South Korean President, Lee Myung-bak, is visiting the Middle East this week and will hold meetings with oil producers Saudi Arabia, Qatar and the United Arab Emirates.
The BBC's Simon Atkinson says it isn't the first Asian country looking to shore up supplies as the economic and diplomatic pressure on Iran increases.
S Korea boosts Iran oil imports
S Korea boosts Iran oil imports - FT.com
By Song Jung-a in Seoul
South Korea boosted imports of Iranian crude oil in April, defying intense international pressure to reduce supplies from Tehran, which accounts for about 10 per cent of the country’s oil imports.
South Korea is pressing for a waiver from the US, which places sanctions on foreign banks facilitating Iran’s oil trade as part of efforts to curb Tehran’s nuclear programme by cutting off an important source of revenue. The US has said that countries that have “significantly reduced” their imports of Iranian crude can qualify for a waiver from the sanctions even if they continue to buy crude from Tehran.
South Korea’s imports of Iranian oil jumped 42 per cent in April from a year earlier after having fallen 22 per cent in the first quarter. But its shipments for the first four months of this year were still down 10 per cent compared with the same period a year earlier, data from state-run Korea National Oil Corp showed.KNOC attributed the development to Korean refiners’ move to import more crude oil before they face a Europe wide insurance ban on ships carrying Iranian oil from July. “The April volume includes a portion of what should have been processed through customs in the months of May and June,” said KNOC.
Seoul has been negotiating with the EU over a possible suspension of the insurance ban. South Korea has said it would reduce imports from Iran and turn to other Middle Eastern producers – including Kuwait and Qatar – to make up for the shortages.
Between them, China, India, Japan and South Korea account for more than 60 per cent of Iranian oil imports. Only Japan has received a waiver from the US so far.
In April, China’s crude imports from Iran dropped 24 per cent from the previous year to 388,000 barrels per day. April’s imports were up 50 per cent from March, however, suggesting imports could rebound further now that the price dispute, in which Chinese oil companies pushed for a discount to global oil prices, has been settled.
South Korea’s two main buyers of crude, SK Group and Hyundai Oilbank, are expected to halt Iran oil imports from July once the EU insurance ban takes effect.
South Korea replaces Iran oil with other Middle East sources
SEOUL (Reuters) - South Korea's economy ministry said on Tuesday most of its Iranian oil imports had already been replaced by supplies from other producers such as Iraq, Kuwait, Qatar and the United Arab Emirates, and by spot purchases, although some still needed to be covered.
The world's fourth-largest buyer of Iranian crude oil had no plan to follow Japan by providing state guarantees to insure tanker shipments to continue Iranian oil imports, given current oil supplies, Moon Jaedo, deputy minister for international affairs at the economy ministry, told a briefing.
South Korea said earlier on Tuesday that imports of Iranian crude oil would be halted from July 1 due to an EU ban on insurance cover on tankers carrying Iranian crude, making Korea the first of Iran's major Asian customers to halt oil purchases.
(Reporting by Meeyoung Cho; Editing by Ed Davies)
BBC News - South Korea looks to replace Iran oil
South Korea looks to replace Iran oil
South Korea is preparing to cut the amount of oil it imports from Iran, as part of international pressure related to Iran's nuclear programme.
The South Korean President, Lee Myung-bak, is visiting the Middle East this week and will hold meetings with oil producers Saudi Arabia, Qatar and the United Arab Emirates.
The BBC's Simon Atkinson says it isn't the first Asian country looking to shore up supplies as the economic and diplomatic pressure on Iran increases.
S Korea boosts Iran oil imports
S Korea boosts Iran oil imports - FT.com
By Song Jung-a in Seoul
South Korea boosted imports of Iranian crude oil in April, defying intense international pressure to reduce supplies from Tehran, which accounts for about 10 per cent of the country’s oil imports.
South Korea is pressing for a waiver from the US, which places sanctions on foreign banks facilitating Iran’s oil trade as part of efforts to curb Tehran’s nuclear programme by cutting off an important source of revenue. The US has said that countries that have “significantly reduced” their imports of Iranian crude can qualify for a waiver from the sanctions even if they continue to buy crude from Tehran.
South Korea’s imports of Iranian oil jumped 42 per cent in April from a year earlier after having fallen 22 per cent in the first quarter. But its shipments for the first four months of this year were still down 10 per cent compared with the same period a year earlier, data from state-run Korea National Oil Corp showed.KNOC attributed the development to Korean refiners’ move to import more crude oil before they face a Europe wide insurance ban on ships carrying Iranian oil from July. “The April volume includes a portion of what should have been processed through customs in the months of May and June,” said KNOC.
Seoul has been negotiating with the EU over a possible suspension of the insurance ban. South Korea has said it would reduce imports from Iran and turn to other Middle Eastern producers – including Kuwait and Qatar – to make up for the shortages.
Between them, China, India, Japan and South Korea account for more than 60 per cent of Iranian oil imports. Only Japan has received a waiver from the US so far.
In April, China’s crude imports from Iran dropped 24 per cent from the previous year to 388,000 barrels per day. April’s imports were up 50 per cent from March, however, suggesting imports could rebound further now that the price dispute, in which Chinese oil companies pushed for a discount to global oil prices, has been settled.
South Korea’s two main buyers of crude, SK Group and Hyundai Oilbank, are expected to halt Iran oil imports from July once the EU insurance ban takes effect.
