South
Korea resumes Iranian oil supplies
South
Korea, the fourth largest importer of Iranian crude, plans to resume
purchases after a two-month pause due to a European Union embargo.
RT,
8
August, 2012
South
Korean refiners and the National Iranian Tanker Company (NITC) are
negotiating the details of a deal, which would allow supplies to
restart from September, Reuters reported citing government sources.
Tehran offered to deliver crude in its own tankers and provide up to
$1 billion shipment insurance cover.
SK
Energy and Hyundai Oilbank – the only two South Korean refiners
that import Iranian crude, have confirmed that they are involved in
negotiations with NITC.
Though it’s unclear whether Iran had
offered South Korea a discount for crude.
South
Korea, India, Japan and China are the biggest importers of Iranian
crude, accounting for more than half of its oil exports. In May,
Seoul announced it would halt crude import from the Islamic Republic,
becoming the first major importer of Iranian oil to give up supplies
due to the EU sanctions.
EU
sanctions banning Iranian oil as well as insurance affect Asian
customers as they rely on EU companies to insure their shipments.
Nearly 90% of the world’s tanker fleets are covered by 13
international P&I clubs from the EU.
Meanwhile
Japan approved providing $7.6 billion insurance coverage for Iranian
tankers, while China offered to use its own vessels for delivery.
India has given permission to its state-run refiners to import
Iranian oil on condition Tehran arranges insurance.
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