S. Korean delegation to visit Iran for talks over resuming oil intakes

November 9, 2018

TEHRAN – As part of a delegation South Korean oil buyers are expected to head to Iran in the upcoming week to hold talks on resuming Iranian oil imports after a three-month halt, Reuters reported on Friday quoting sources with knowledge of the matter.

South Korea is among the countries that received waivers from the United States to continue importing Iranian oil for 180 days.

According to the sources, the country can import up to 200,000 barrels per day (bpd) of Iranian oil, mostly condensate.

“The actual (import) volume will depend on next week’s negotiations,” one of the sources said, adding that the oil’s price will be a key factor.

Although the waiver has given South Korea the green light to resume Iranian oil imports, the sources said issues such as payment, shipping and insurance needed to be worked out.

South Korea was the third-biggest buyer of Iranian oil and also the largest importer of its condensate before it stopped imports in September ahead of U.S. sanctions.

The country’s condensate imports from Iran stood at 159,770 bpd in January-August, down about 49 percent from 311,885 bpd in the same period last year, according to Reuters calculations based on the Korea National Oil Corp (KNOC) data.


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