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S Korea allowed to import 4 million barrels/month Iranian oil

S Korea allowed to import 4 million barrels/month Iranian oil

Upon being exempted from the US sanctions against Tehran, Seoul is now able to import four million barrels of Iranian crude on a monthly basis, South Korean officials said.

According to Global Platts, a feedstock procurement manager at a South Korean petrochemical company said given sanctions waivers, South Korea can import two or three tankers of Iran's crude per month.

Along the same line, South Korea's SK (among the largest importers of Iran's crude) announced in a statement it is ready to continue importing gas condensates from South Pars field.

Nearly 70 percent of Iran's crude oil and gas condensates from South Pars field are exported to South Korea.

Over half of South Korea's light crude needs are also supplied through Iran's South Pars field.

US Secretary of State Mike Pompeo said on November 2 following the re-imposition of oil sanctions on Iran that Washington will temporarily allow eight countries to buy Iranian crude oil.

Turkey, Taiwan, South Korea, Italy, Greece, China, India and Japan are the countries exempted from anti-Iran sanctions.

The first round of sanctions reinstated in August and the second round which targeted Iran's oil, banking and shipping sectors took effect on November 5.

However, almost all nations, including the other signatories to the Iran nuclear deal (i.e. Britain, France, Germany, China and Russia) have thus far hit out at Washington's move and have repeatedly stressed their commitment to the deal and continuing trade with Iran.