South Korea plans to increase Iranian oil imports
Iran’s Oil Minister Bijan Zanganeh reportedly said that South Korea is importing 100,000 barrels of oil per day (bpd) from Iran while they are planning to double this by the end of 2016. South Korea’s condensate demand is expected to grow this year as Hyundai Oilbank will start operations at a new splitter and Hanwha Total Petrochemicals, another South Korean condensate buyer, is reportedly considering whether to resume imports from Iran as of April.
Meanwhile, South Korea’s trade minister also reported that the two countries are considering establishing a new payment system between the National Iranian Oil Company and South Korea’s SK Energy and Hyundai Oilbank in order to facilitate crude and condensate trading. The Minster added that they are planning to sign a memorandum of understanding (MOU) with Iran to lease out their oil storages.
Media reports also stated that despite a notable rise in Iran’s oil exports following the removal of sanctions, buyers are still taking a cautious stance towards boosting trade immediately because of banking and ship insurance difficulties.
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