South Korea’s June crude oil imports from Iran surge 115%
The country’s total crude imports, meanwhile, climbed 5.5% to 11.26 million tons, or around 2.75 million bpd, in June from 10.67 million tons in the same month of 2015. The surge in imports was attributed to cheaper prices for Iranian condensate.
The country’s crude oil imports from the Middle Eastern countries hit 6.12 million tons, or 246,522 bpd, in the January-June period, up almost 108% from 2.95 million tons in the same period in 2015.
South Korea’s Iranian crude oil imports are expected to increase in the upcoming period if the deal between Iran and Hyundai Chemical to supply the company’s new 110,000-bpd splitter in Daesan, is completed in the second half of this year. Hyundai Chemical is a joint venture between Hyundai Oilbank and Lotte Chemical.
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