Koreans to raise Iran oil, condensate inflows
South Korea says it prepares for increased inflows of crude oil and condensates from Iran as soon as sanctions are lifted.
Vice Minister at South Korea's Ministry of Trade, Industry and Energy Jae-do Moon’s comments come just after a senior political and economic delegation of the country visited Tehran last month in search of new business opportunities.
"Just like many other foreign companies, South Korean companies are also preparing for the removal of Iranian sanctions, while seeking more business opportunity with Iran," he told energy news provider Platts.
According to the state-owned Korea National Oil Corp, South Korea imported 111,665 barrels per day of Iranian crude oil in the first seven months of the year, down 11% from a year ago.
Moon said his country was open to buying additional volumes of oil from Iran.
"Because Korean companies used to trade with Iran for a certain amount before, once the trade is normalized at the company level, there could be room for improvement," he said.
“South Korea could also be looking at more Iranian condensates because of a steady increase of condensate splitters,” Platts said, quoting Moon.
"In order to ensure a stable supply of condensates, Korean refineries are paying greater attention to US condensates, as well as looking at Iranian condensates once the sanctions are lifted," he said.
He made the remarks on the sidelines of an LNG conference in Tokyo where ministers and business delegates from around 50 countries and regions gathered to discuss further development of the liquefied natural gas market.
A delegation of 30 representatives of oil, gas and construction industries led by South Korean Minister of Land, Infrastructure and Transport Yoo Il-ho visited Tehran last month.
They met Iran’s Minister of Petroleum Bijan Zangeneh who said South Korea had agreed to raise oil imports after the lifting of sanctions on the Islamic Republic.
“Before the sanctions, South Korea purchased 180,000 barrels per day of oil from Iran. This figure is currently a little more than 100,000 barrels,” Zangeneh said.
For energy cooperation, the two countries can cooperate on crude oil recovery and investment in LNG and petrochemical projects, he said.
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