|South Korea’s Iran crude oil imports in June up 7.4% y/y||
SEOUL (Reuters) - Data on South Korea’s crude oil imports from Iran rose 7.4 percent in June from a year earlier, while the country’s total crude oil imports fell 5.2 percent year on year to 73.3 million barrels last month, data from state-run Korea National Oil Corp (KNOC) showed on Tuesday.
The country’s Iranian oil shipments in the first six months of this year, however, fell nearly 11 percent year on year, meeting the requirement under U.S. sanctions.
According to the recent report of the Korea National Oil Corp (KNOC), Iran is the fifth largest crude oil supplier to South Korea after Saudi Arabia, Kuwait, the UAE and Qatar.
Earlier in March, South Korea made a first payment of USD 550 million to Iran for oil imports following partial relief in sanctions against the country in line with a nuclear deal inked between the Islamic Republic and the five permanent members of the UN Security Council – Russia, China, France, Britain and the U.S. – plus Germany in Geneva, Switzerland, in November 2013.
Under the Geneva interim deal, the six countries agreed to ease some of the existing sanctions against the Islamic Republic in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.
World oil giants, including Royal Dutch Shell, British Petroleum (BP), Malaysia’s Petronas, Spain’s Repsol, Russia’s second largest oil producer Lukoil, France’s Total and Italy’s Eni, have shown interest in returning to Iran following the partial sanctions relief.
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