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South Korea’s crude oil imports from Iran rise sharply in August

by ChemOrbis Editorial Team -
  • 23/09/2015 (11:42)
According to data released by South Korea’s state-owned Korea National Oil Corp, South Korea’s crude oil imports from Iran reached 4,054 tons in August, up from 2,068 tons in July. However, imports posted a small decrease of 2.7% on a yearly basis in August. Iran was South Korea’s fifth largest supplier of oil in August, following Saudi Arabia, Kuwait, the United Arab Emirates and Qatar.

The Iran Petrochemical Commercial Company’s managing director Mehdi Sharifi had previously stated that Iran is planning to increase its petrochemical exports by 25% by the end of 2016 following the anticipated removal of sanctions on banking, insurance and shipping.

Iran signed a nuclear deal with six world powers in Vienna on July 14. The deal calls for sanctions on Iran to be gradually lifted in exchange for greater transparency in Iran’s nuclear program.
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